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From drones to wearable technology to Hyperloop pods that can potentially travel more than seven hundred miles per hour, we’re fascinated with new products and technologies that seem to come straight out of science fiction. But, innovations are not only fascinating, they’re polarizing, as, all too quickly, skepticism regarding their commercial viability starts to creep in. And while fortunes depend on people’s ability to properly assess their prospects for success, no one can really agree on how to do it, especially for truly radical new products and services.
In Innovation Equity, Elie Ofek, Eitan Muller, and Barak Libai analyze how a vast array of past innovations performed in the marketplace—from their launch to the moment they became everyday products to the phase where consumers moved on to the “next big thing.” They identify key patterns in how consumers adopt innovations and integrate these with marketing scholarship on how companies manage their customer base by attracting new customers, keeping current customers satisfied, and preventing customers from switching to competitors’ products and services. In doing so, the authors produce concrete models that powerfully predict how the marketplace will respond to innovations, providing a much more authoritative way to estimate their potential monetary value, as well as a framework for making it possible to achieve that value.
About the Author
Elie Ofek is the T. J. Dermot Dunphy Professor of Business Administration at Harvard Business School. Eitan Muller is professor of marketing at the Leonard N. Stern School of Business at New York University and the Arison School of Business of the Interdisciplinary Center Herzliya in Israel. Barak Libai is professor of marketing at the Arison School of Business at the Interdisciplinary Center Herzliya in Israel.
“Ofek, Muller, and Libai have provided a user-friendly, powerful approach that effectively puts a monetary value on innovations. By combining key insights on how new innovations are adopted with how customer relationships develop and create value for firms, the authors have come upon a winning combination to fuel growth. Whether you lead the marketing efforts, the R&D efforts, finance, or the entire company, you need to read this book.” — Katherine N. Lemon, Boston College, Carroll School of Management, Executive Director of the Marketing Science Institute
“Ofek, Libai, and Muller are leading experts in how consumers adopt new innovations and how businesses can attract and retain them. Innovation Equity is a well-written book that combines these interesting and important topics in an original way.” — Donald R. Lehmann, Columbia Business School
“In taking a practical look at how managers can use diffusion of innovations modeling, the authors have themselves taken an innovative perspective by merging that work with lifetime customer value research. The result is a book that is both easy to read and rigorous with many examples and tips on how to implement their ideas. This book should be on every manager’s shelf.” — Russell Winer, Leonard N. Stern School of Business, New York University
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For those of you not interested in ordering from that largest river in South America that rivals the Mississippi and the Nile, but BoF is out of stock at the warehouse, try our new affiliate, Bookshop, started by a Columbia University MFA who just wants to help the Indies out a bit while being able to put a meal on the table for himself and others.
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For Sale at Books on First
From Tim Benedict's Orion Artisinal Honey & Garlic Farm
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Two types of honey now available in beautiful 12-oz jars:
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It's been said that local honey is great for warding off bad germs and aiding in the relief of sinus/breathing difficulties. Regardless, it tastes great!
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Based on the Book ...
We are always delighted when someone sees a movie in the book, because now, millions of more people know about the book! It might have been a great film or it might have been a total dud.
But, read the book yourself to see just how good or different the original is!