Innovation lecture 1 Flashcards
Innovation definition
An object, method, or idea which is regarded as new. Does not have to be a new product
goal innovation
Adapting change or creating change
Invention
Creation a new product/ service
List of business management
Research and development departments Buying/ Investing in start-ups Marketing strategy development Business analysis Technical development
Developing new products steps
Idea generation Product concept development and screening. Marketing strategy development Business analysis technical development test marketing commercialization
Adoption
The process by which consumers begin to buy and use a new good/service (adoption pyramid)
Diffusion
The process by which the use of a product spreads throughout a population (categories of adopters)
Diffusion adopters categories
Innovators Early adopters Early majority Later majority Laggards
Individual innovativeness 3 dimension
Socio-economic status
Personality
Communication behavior
Socio-economic status (individual innovativeness)
More years of formal education
wealthier
higher income
more prestige
Personality (individual innovativeness)
Greater intelligence
Greater empathy
Greater ability to deal with abstractions
A more favorable attitude with changes
Communication behavior (individual innovativeness)
Economic and or social
Cause and effect clear
Different per person
Compatibility
Consistent with the existing values, norms, past experiences and skills with social system
Complexity
The innovation may be experienced as difficult to understand and use
Trialability
The innovation idea may be experienced on limited basis
Learning by doing
