Competitive Advantage of Product Innovation and Entrepreneurial Approach on Innovation

기술혁신의 경쟁우위에 대한 entrepreneurial 접근

This paper develops and defends the concept of reference-quality in consumer choice, demonstrating its impact on aggregated market demand. The concept of reference-quality refers to an internal standard against which observed qualities are compared in consumer choice behavior. In doing so, we examine and reveal the formation mechanism and the structure of reference-quality in the U.S. wireless phone market. Consequently, we recognize and introduce a brand-specific reference both in price and product quality in aggregated product demand which enable us to measures the responsiveness of market demand to the innovation of a certain brand.