Topic 2 Product Innovation

The cassette tape is considered at the late stage of the product cycle as it has already been widely adopted and is being replaced by newer technologies.

The ballpoint pen has been around for many years and has achieved widespread adoption, indicating that it is at the mature stage of the product cycle.

The introduction stage of the product cycle is when a new product is launched into the market. As the electric car is relatively new and still gaining widespread adoption, it falls under the introduction stage.

The term 'invention' specifically encompasses the process of discovering a principle and a technical advance resulting in a novel product, making it the correct answer. 'Discovery' typically refers to finding something previously unknown, 'Breakthrough' implies overcoming a barrier or obstacle in progress, and 'Innovation' involves implementing new ideas or methods.

Innovation refers to the process of introducing something new or making changes in processes, products, or services. Marketing involves promoting and selling products, distribution is the process of getting products to customers, and entrepreneurship focuses on starting and growing new businesses.

The stages involved in developing an idea into a viable product typically include ideation, research, development, testing, and launching. These are encompassed within the broader term 'Innovation'.

In order for an invention to become an innovation, it needs to address a market need, have financial support, and be cost-effective. Lack of marketability, necessity, financial backing, or high costs can hinder the transformation of an invention into an innovation.

Dominant design refers to a specific product configuration that becomes widely accepted in the market, not related to pricing, organizational structure, or marketing techniques.

Diffusion into the marketplace refers to the process of a product being widely accepted and purchased by consumers, indicating its success in the market.

Market pull refers to the process where the need or desire for a product is determined by consumer demand or market forces, leading to the development of that product.

Technology push refers to the scenario where technological advancements or innovations drive the development of new designs or products without direct input from consumer demands. It indicates a top-down approach where the focus is on the technological capabilities leading the design process.

A lone inventor is defined as an individual who works alone, either outside or inside an organization, dedicated to inventing novel products. They often face resistance from others due to their disruptive ideas.

A technophile is someone who is enthusiastic about new technology and embraces it eagerly.

The term 'Technocautious' specifically refers to individuals who are hesitant or resistant towards embracing technological advancements and require convincing before adopting them. The incorrect answers provide alternatives that do not align with the definition of 'Technocautious.'

A technophobe is characterized by their resistance to technological change, rather than embracing or being indifferent to it, or simply being afraid of using technology.

Corporate strategy refers to the overall direction and scope of a company. It involves defining the company's goals, determining the actions to achieve those goals, and allocating resources to implement the strategies. It is different from day-to-day operations, marketing tactics, or legal structure, as it focuses on long-term planning and decision-making.

Pioneering in business strategy involves taking risks and being the first to introduce a new product, which can lead to potential high rewards despite the initial costs and uncertainties involved.

Market penetration specifically refers to how well a product is known and used by potential customers, not the act of entering a new market segment, price adjustments, or overall market share.

Market penetration is a growth strategy that involves selling existing products to existing markets to increase market share and overall profitability.

Market development involves expanding the reach of existing products into new markets to drive business growth.

Product development involves creating and introducing new products into existing markets to drive growth and gain a competitive edge.

Diversification is the process of introducing new products into new markets to achieve growth and minimize risk by spreading out resources.

Segmentation in marketing refers to the practice of dividing a market into identifiable groups of consumers who have similar wants and needs.

Lifestyle segmentation involves understanding the habits, preferences, values, and behaviors of a particular group in order to tailor products or services that will improve their lifestyle.

Social class segmentation categorizes individuals into different groups primarily based on their occupation and level of education, not on geographic location, income level, or political affiliation.

Demographic segmentation involves dividing the population into groups based on common characteristics such as age, gender, income, education level, etc. This helps in better understanding and targeting specific consumer groups.

Gender segmentation is the practice of tailoring marketing efforts and products specifically to a certain gender group.