7A Innovation in the market Flashcards
What is technology push?
How advancements in science and technology are used to produce new products or improve existing products
What is market pull?
How consumer demand leads to product development/improvement
Define obsolete
No longer working or useful
What are the two types of market research?
1) Primary: gathering new data that has not been collected before (e.g. questionnaires, photos, surveys, interviews, focus groups)
2) Secondary: gathering existing data that has already been produced (e.g. from the Internet, newspapers/magazines, company/product data)
What is ‘built in’ and ‘planned’ obsolescence?
When companies deliberately plan to minimise the life of a product to maintain sales of future products