Topic 2 Product Innovation

These flashcards are intended to help you with your understanding of product innovation.

35 cards   |   Total Attempts: 182
  

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Cards In This Set

Front Back
Product Cycle
A description of the presence or behavior of a product in the marketplace over time.
Question 2
The cassette tape is at which stage of the product cycle?
This product is at the late stage of the product cycle.
Question 3
The ballpoint pen is at which stage of the product cycle
The ballpoint pen is at the mature stage of the design cycle.
Question 4
The electric car is at which stage of the product cycle?
The electric car is at the early stage of the product cycle.
The process of discovering a principle. A technical advance in a particular field often resulting in a novel product.
Invention
The business of putting an invention in the marketplace and making it a success
Innovation
Developing an idea into a viable product
Production
Marketing and sales
Redesign
The stages of Innovation
Inventions fail to become Innovations
Product not marketable
Product not needed
No financial support
Cost too much
Dominant Design
A product configuration which endures; a particular combination of product features which appears to satisfy the market and survives, without major change, for some time.
Diffusion into the marketplace
The wide acceptance (and sales) of a product.
Market pull
The initial impetus for the development of a new product is generated by a demand from the market.
Technology push
The impetus for a new design starts from a technological development.
Lone Inventor
An individual working outside or inside an organisation who is committed to the invention of a novel product and often becomes isolated because s/he is engrossed with ideas, which imply change and are resisted by others.
Product Champion
An influential individual, usually working within an organisation, who develops an enthusiasm for a particular idea or invention and “champions” it within the organisation.
Technophile
Someone who immediately welcomes a technological change.