Question

In what circumstances might a market-pull approach or a technology-push approach to new-product design be the best approach?

Answer 1

A market-pull approach or a technology-push approach to new-product design

Explanation:

• When total income exceeds entire costs, super - normal profit, also known as economic profit or abnormal profit, is earned.
• All components, including regular profit, are rewarded in total costs.
• A hovercraft is an example of technological advancement.
• Typically, these innovators are unaware of or do not anticipate the commercial implications of their creation, but they began it because an idea came to them and they saw the worth in it and its potential to better people's lives.
• Nowadays, basic scientific research or applied research, often known as research and development or R&D in organisations, is the beginning point for technology push.
• These new technology-driven items are then manufactured successfully, cost-effectively, and finally offered to the market.
• The majority of large corporations have invested in R&D, with the members assuming that they have sufficient expertise of the subject.