introduction Flashcards
1
Q
define invention
A
the generation of new ideas or concepts
2
Q
define innovation
A
the first commercial production of a new good or service
the first introduction in a commercial context which leads to revenues or cost savings
3
Q
what 2 steps follow invention
A
commercialisation and diffusion
4
Q
what is diffusion
A
spread of innovations
has transforming effect
e.g. Henry Ford’s continuous production line created basis for mass production
5
Q
what are the stages of the vertical model
A
scientific research invention experimental development innovation diffusion adaptation/modification obsolescence replacement
all against time
6
Q
what pulls against a technology push
A
a market pull
