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Lookup NU author(s): Professor Andreas Eggert
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This study investigates the financial outcomes of product, service, and hybrid innovations in industrial markets. To date, empirical research has focused on product innovations, yet industrial firms are increasingly competing with innovative services to maintain their competitive edge. This study assesses the financial impact of service and hybrid innovations compared with more traditional product innovations. We develop a unique data set that combines information on companies' innovation activities with objective financial data. From a sample of 348 German industrial firms, the analysis reveals that service innovations do not outperform product innovations in industrial markets. A focus on service innovations only pays off in highly price-conscious markets. In contrast, hybrid innovations, referring to the simultaneous market introduction of new products and services, have a positive effect on firm performance above and beyond pure product innovations. This effect is particularly pronounced in competitive markets and under conditions of high customer concentration. In sum, this study demonstrates that hybrid innovations outperform both, pure product and service innovations in industrial markets. (C) 2015 Elsevier Inc. All rights reserved.
Author(s): Eggert A, Thiesbrummel C, Deutscher C
Publication type: Article
Publication status: Published
Journal: Industrial Marketing Management
Year: 2015
Volume: 45
Pages: 173-183
Print publication date: 01/02/2015
Online publication date: 17/03/2015
Acceptance date: 02/04/2014
ISSN (print): 0019-8501
ISSN (electronic): 1873-2062
Publisher: Elsevier
URL: http://dx.doi.org/10.1016/j.indmarman.2015.02.013
DOI: 10.1016/j.indmarman.2015.02.013
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