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Top 5- Innovation Flashcards

1
Q

Categories of Innovation (3)

A

Sustaining, Disruptive, Process

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2
Q

Roger’s characteristics of innovation and consumers (6)

A

Acronym: RACCOT (Relative advantage, complexity, compatibility, observability, trialability)

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3
Q

Innovation Strategies (7)

A

Acronym: AI ATTA CTP MP

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4
Q

Act of insight

A

Eureka moment- sudden image of a potential solution is formed in the mind, after thinking about a problem.

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5
Q

Adaptation

A

A solution to a problem in one field is used to provide a new idea for a design problem in another.

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6
Q

Analogy

A

An idea from one context is used to stimulate ideas for solving a problem in another context.

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7
Q

Chance

A

An unexpected discovery leads to a new idea

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8
Q

Technology transfer

A

Technological advances that form the basis of new designs may be applied to the development of different types of products/systems.

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9
Q

Technology push

A

Scientific research leads to advances in technology that underpin new ideas.

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10
Q

Market pull

A

A new idea is needed as a result of demand from the marketplace.

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11
Q

Lone inventor

A

An individual working outside/inside an org who is committed solely to the invention of a novel product.

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12
Q

Intellectual property (IP)

A

Intangible property; Creations of the mind used in a commercial setting

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13
Q

Patent

A

A govt. agreement to give someone the right to make/sell a new invention for a certain no. of yrs.

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14
Q

Trademarks

A

A symbol/word/words legally registered by use as representing a company or product.

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15
Q

Design protection

A

Simple and cost-effective way to protect an innovative shape, appearance, or ornamentation

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16
Q

Copyright

A

A legal right that grants the creator of an original work exclusive ownership for its use and distribution (limited time, within geographical boundaries).

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17
Q

Copyrights receive __________ for their intellectual effort

A

compensation/remuneration

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18
Q

Service mark

A

A trademark to identify a service

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19
Q

Shelved technology

A

Technology that is shelved. Sometimes shelved technologies will be rediscovered or taken off the shelf.

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20
Q

Innovation

A

Business of putting an invention in the marketplace and making it a success

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21
Q

Sustaining innovation

A

A new/improved product that meets the needs of consumers and sustains manufacturers

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22
Q

Disruptive innovation

A

A product or type of technology that challenges existing companies to ignore or embrace technical change.

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23
Q

Process innovation

A

An improvement in the org/manufacturing method leading to reduced costs or benefits to consumers

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24
Q

Innovation strategies for design (3)

A

Architectural, Modular, Configurational

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25
Architectural innovation
The tech. of components stays the same, but the configuration changes to produce a new design.
26
Modular innovation
The basic configuration stays the same, but 1 or more key components are changed
27
Configurational innovation
A change is made in both tech. and organization
28
Innovation strategies for markets (2)
Diffusion, Suppression
29
Diffusion
Process where a market will accept a new idea or product. The acceptance rate can be increased
30
Suppression
Process where a new idea or adoption of a product by the market is actively slowed
31
Product champion
An influential individual within an org, who develops enthusiasm for an idea/inventions and champions it in the org.
32
Entrepreneur
An influential individual who can take an invention to market, by financing its development, production & diffusion.
33
Multidisciplinary approach to innovation
The inventor is also the product champion and entrepreneur
34
Stages of a Product Life Cycle (PLC)
Launch, Growth, Maturity/Saturation, Decline
35
Launch
Slow sales and little profit
36
Growth
Diffusion starts and sales expand
37
Maturity
Sales peak but remain steady so max. profit is achieved.
38
Decline
Market is saturated, sales start to reduce as well as profit
39
Types of Obsolescence (4)
Planned, Functional, Style/Trend, Technological
40
Planned Obsolescence
A product becomes outdated consciously either to ensure a continuing market or to ensure that safety factors and new tech. can be included into later versions of the product
41
Style/Fashion Obsolescence
Fashions and trends change over time, which can result in a product no longer being desirable
42
Functional Obsolescence
Over time, products wear and tear. If parts/related services are no longer available, the product can no longer work in the way it originally did.
43
Technological Obsolescence
When a new tech. supersedes an existing tech., the existing tech. falls out of use quickly
44
Product generations
A company releases a new group of products that have advanced features compared to an earlier group
45
Product versioning
A company produces different models of the same product, and then charges different prices for each model.
46
Product Bundling
Combining multiple products and selling the items as a package (eg. computer + software)
47
Relative Advantage (Roger's)
The degree to which a new product is superior to those already on the market.
48
Compatibility
How compatible with the users lifestyle and environment
49
Complexity
How difficult is it to learn how to use the innovation?
50
Observability
How easy is it to see the product and the benefits of using it?
51
Trialability
How easy is it for users to give it a test run or try before they commit?
52
Social roots of consumerism (liv)
Lifestyle, Identity, Values
53
Categories of Consumers
Acronym: I AM LOL (Innovators, Early adopters early majority, late majority, laggards)
54
Innovators
Risk takers- first individuals to adopt an innovation
55
Early adopters
Hedgers- Second fastest category to adopt an innovation
56
Early majority
Waiters- Tend to take more time to consider adopting new innovations and draws from feedback before purchase
57
Late majority
Skeptics- Adopts the innovation after it has been established in the market and is seldom willing to take risks
58
Laggards
Slow pokes- Last to adopt the innovation, they prefer traditions and are unwilling to take risks
59
TA
A specific group of people within the target market at which a product or the marketing message of a product is aimed at.
60
Target market
When determining the target market, market sectors and segments need to be identified.
61
Market Analysis
An appraisal of economic viability of the proposed design from a market perspective, taking into account costs and pricing.
62
User need
The essential requirements that a product must satisfy in relation to the user
63
Competitor
Any company or product that can fulfil similar functions for a similar market.

IB Design Technology (10 decks)

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