Using iterative process to increase successful rates of new product development based on cutting-edge technologies and cultural heritages : the case of TCM dietary

Abstract

As the global economy continues to fuse technologies and cultures cross borders, consumers are increasingly interested in products that apply emerging technologies to cultural heritages. For example, applying the technologies of Al, Big Data, or VR/AR to traditional Chinese culture, such as Traditional Chinese Medicine (TCM), cuisine, or fine arts, generates abundant innovative ideas with great business potential. This thesis uses TCM food therapy as an example to explore how a marketing strategic framework helps to screen, refine and commercialize these new culture-technology-fused ideas. While cutting-edge technologies are exposing TCM to an increasing population, mass adoption of TCM food therapy faces several uncertainties. An analysis of value creation, capture and delivery will provide insights to the process of solving these uncertainties.