This has been a question for scientists and Engineers, some agree that there is a challenge others just believe that they need to focus on hand and continue innovating technology.
But let’s think about it for one second, with the current scenario we need to sell technology that everyone is willing to pay and secondly a technology that is friendly for everyone.
We all know that innovation is being made to make human lives easier and this is done by improvement in process and product design
Challenges they face in sustaining technology
Now this is the first challenge, though when I look at the smartphone industry and head out to the local market I won’t believe that the iPhone costs as much as a small hatch (Possibly even more) and of course not a brand new hatch, but a hatch which is locally sold! But as I dug deeper, I went on and found a replica of the same iPhone (iPhone) which was nearly 90% cheaper than the original iPhone. But honestly, iPhone vs iPhone wasn’t a challenge. That being said, consumers want to reduce their costs rely upon existing technology, and save money in the long run – Meaning someone like me would rather keep an older iPhone like a 12 or a 13 and live with it for a while until this is completely useless tech shortly.
Does more expensive mean better? I believe it’s a two-part game… Let’s stick to the Smartphone gang and see:
Samsung just unveiled the new Samsung Galaxy S23 with features better than the S22 of course but then again I just realized the S22 still carries on being the best phone in the market so I don’t need to replace it, so should I? I believe not, because the S23 costs like 30% more than my S22 (If I sell it and buy the S23) but I don’t get 30% advantages so this means I can continue using my S22 till I can benefit more from buying a newer and better tech.
But let’s compare the same S23 with the Samsung Galaxy A54, then you would be surprised to know that the S23 is more expensive (probably 3 times) and it does pack a punch. I would go on and say, hey if you got the money just throw that A54 away and get the S23. It means that of course, it is more expensive and better.
It is unlikely that there has been any significant technological change that would make sustaining technology more difficult.
Providing a better product or service for future needs?
The key to making the challenge of sustaining innovation less challenging is to focus on what customers want today rather than what they may want in the future, while it would be a challenge to understand that most consumers today simply don’t believe that their current problem is solvable and therefore will continue to buy products and services that meet current needs.
I would say that strategy is to focus on providing a faster product or service in response to customer needs by understanding what customers want and how sustaining innovation can help provide a solution by meeting customer demand now to reduce the likelihood that customers will have to choose between what they need today and what they will need in the future.
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