Exam 2 - Innovation Flashcards
1
Q
- Definition of an innovation
A
New product development
2
Q
Product
A
A product is a good, service, or idea consisting of a bundle of tangible and intangible attributes that satisfies consumers’ needs and is received in exchange for money or something else of value
3
Q
Product Hierarchy
A
Product mix
Product line
Product item
4
Q
- New product development process (7 step)
A
- New Product Strategy Development
- Idea Generation
- Screening and evaluation
- Business analysis
- Development
- Market testing
- Commercialization
5
Q
- Product life cycles and their criticisms
A
Introduction
Growth
Maturity
Decline
6
Q
Diffusion of innovation process
A
Innovators (2.5%)
Early Adopters (13.5%) Early Majority (34%) Late Majority (34%) Laggards (16%)
7
Q
Innovators (2.5%)
A
Venturesome; higher educated; use multiple information sources
8
Q
Early Adopters (13.5%)
A
Leaders in social setting; slightly above average education
9
Q
Early Majority (34%)
A
Deliberate; many informal social contacts
10
Q
Late Majority (34%)
A
Skeptical; below average social status
11
Q
Laggards (16%)
A
Fear of debt; neighbors and friends are information sources
