Marketing Strategies and Resources
Upon completion of the Required Readings, write a thorough, well-planned narrative answer to each of the following discussion questions. Rely on your Required Readings and the Lecture and Research Update for specific information to answer each discussion question, but turn to your original thoughts when asked to apply, evaluate, analyze, or synthesize the information. Your Discussion Question responses should be both grammatically and mechanically correct, and formatted in the same fashion as the questions themselves. If there is a Part A, your response should identify a Part A, etc. In addition, you must appropriately cite all resources used in your responses and document in a bibliography using APA style.
Explain the phrase “crossing the chasm” in product adoption
Strategies for Marketing, Resources, and Funding
Chasm describes the early stage of a firm’s life when customer adoption and market expansion have halted, and the company is frantically looking for a second wind. The company’s game plan is no longer effective, revenue has flatlined, growth has stopped, experiments are not producing critical insights, and the product is in danger of failing. The reason for the Chasm is that once the product has established a sales plateau among early adopters, the next phase of expansion is introducing it to the general public (Gombault et al., 2016). Crossing the Chasm implies being prepared to fulfil the requirements of the next wave of new clients. This gap demonstrates how drastically different the first parts are from the remainder and how strategies that work with them will not apply to the remaining segments. Crossing the Chasm balances new technology’s desired consumer adoption rate and an increasingly dragging customer segment. Every stage of the Technology Acceptance Cycle brings the preceding stage’s client base, which must be managed.
The first Chasm exists between innovators and early adopters. There is a second chasm between the early and late majority. Although the early majority was tech-savvy, the new majority demanded that technology be made simple. When necessary, the early majority is ready and able to learn new technologies; the late majority is far less so. When a brand attains this stage of market development, it needs to be made more accessible to consumers to keep winning. However, every stage of the technology adoption lifecycle contains Chasms to varying levels of separation and significance (Yheulon & Davis, 2019). Properly aiming and tossing a comparable to Whole Product can clear the Chasm and enable consumer adoption and growth. The advantages of this tactic are rapidity and trajectory. Real-world instances of the success of the Apple iPod serve as the best illustrations of the actual processes required to cross the Chasm.
Businesses can improve their chances of success by anticipating the next obstacle and developing a plan to overcome it. Create a bridge to the early majority of clients by lowering perceived risks and showcasing the advantages of your offering. Targeting a particular niche market inside the Early Majority can help you cross the gulf effectively. The organization’s sole goal in its attempt to overcome the Chasm is to secure a competitive position in a major market in order to develop a referenceable pragmatist clientele (Espinoza-Arias, Garijo & Corcho, 2021). The visionaries and the pragmatists are present where there is the most significant divide. Transitioning from selling to the dreamers to the realists is a significant challenge for businesses. The new product must pass through multiple stages of growth and draw a wide range of diverse customers to succeed. The expectations of visionaries and pragmatists are very different, and in order to examine these differences and suggest strategies for successfully bridging the gap, the enterprise should consider selecting the audience, comprehending the entire product idea, placement of product, developing a marketing plan, selecting the best pricing and marketing.
Businesses with innovative products or services should concentrate on one consumer segment at a time and use that segment as the foundation for marketing to the following segment. A victorious company can create a concept in which sufficient force builds by developing a comprehensive remedy for one impossible task in one business vertical (Yheulon & Davis, 2019). At this point, the product becomes a standard before developing services in neighbouring verticals and continuing from there. Targeting a particular niche market inside the Early Majority can help companies overcome the divide effectively. A chasm can be successfully overcome if a solid reputation among various Early Majority components has been established.
Reference
Espinoza-Arias, P., Garijo, D., & Corcho, O. (2021). Crossing the chasm between ontology engineering and application development: A survey. Journal of Web Semantics, 70, 100655.
Gombault, A., Allal-Chérif, O., & Décamps, A. (2016). ICT adoption in heritage organizations: Crossing the Chasm. Journal of Business Research, 69(11), 5135-5140.
Yheulon, C., & Davis, S. S. (2019). Adopting the STITCH trial: crossing the chasm from publication to practice. JAMA surgery, 154(12), 1087-1088.
