5.2 Flashcards
Why do few inventions become innovations? 6
Marketability (low product demand)
Financial support
Marketing (poor marketing strategies/ wrong target markets)
The need for invention when there is no purpose for a new invention to replace it
Price (value for money/ affordable)
Resistance to change
Categories of innovation
sustaining, disruptive, process
Sustaining innovation
when an existing product is improved/ enhanced to meet the wants and needs of customers to a greater extent
Disruptive innovation
when a product is entirely reinvented by challenging the existing processes and creating new ones through drastic changes
Process innovation
when the manufacturing process, systems + techniques are improved which allows businesses to produce greater outputs by streamlining the production process
Innovation strategies for design
architectural, modular, configurational
Architectural innovation
The technology of the components stays the same, but the configuration of the components is changed to produce a new design
Modular innovation
The basic configuration stays the same, but one or more key components are changed
Configurational innovation
A change is made in both technology and organization
Innovation strategies for markets
diffusion + suppression
Diffusion
The rate at which a new product is accepted by a market
Suppression
When a product is actively slowed from entering a market due to other dominant designs, patent disagreements/ legal resistance
