New or Improved: What Consumers Really Want [Archive.org URL]

For many companies, scoring a competitive advantage entails pouring millions of dollars into research and development to come up with revolutionary new products and technologies.

But new research by INSEAD Assistant Professor of Marketing Myungwoo Nam and associates Jing Wang of the University of Iowa and Angela Lee of Northwestern University shows that companies don’t always need to focus on developing new tools and products when in some instances, consumers might simply prefer improved or updated features. When does it matter? One way to make that distinction is by doing some research on the consumer: especially his or her levels of knowledge and experience.

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