topic 5 - innovation and design Flashcards

1
Q

what is invention?

A

process of discovering a new principle which allows technical advance.

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2
Q

what is IP (intellectual property)?

A

a legal term for inventions and designs that are used in a commercial setting and need to be protected by the law.

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3
Q

three strategies for IP:

A

patents - an agreement to give someone the right to make/sell a new invention
trademarks (tm) - distinguishes products of a particular trader
copyright - legal right that grants the creator exclusive rights to its use/distribution

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4
Q

what is innovation?

A

the business of putting an invention in the market and making it a success.

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5
Q

what is disruptive innovation?

A

a product that challenges exisiting products. e.g. ipods changing the way we listen to music

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6
Q

what is architectural innovation?

A

techonolgy stays the same but components change. e.g. sony walkman

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7
Q

what is incremental design (or modular innovation)?

A

basic configuration stays the same but one component is changed. e.g. a button on a toaster

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8
Q

radical innovation?

A

something that changes the course of the market. e.g. smart phone

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9
Q

what is diffusion

A

process where a market will accept a new idea/product.

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10
Q

what is suppression?

A

process where a new idea/product is actively slowed.

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11
Q

what is technology push?

A

scientific research that leads to an advance in technology

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12
Q

what is market pull?

A

demand from the market place

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13
Q

what is a product champion?

A

an individual working for an organisation who likes a particular idea/invention and champions it within the organisation.

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14
Q

what is an entrepreneur?

A

someone who takes an invention to the market by financing it themself

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15
Q

what are the key stages in a product’s life?

A
  1. launch - slow sales, little profit
  2. growth - diffusion starts, sales increase
  3. maturity - sales peak, maximum profit achieved
  4. decline - sales and profit reduce
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16
Q

what is planned obsolescence?

A

a product that becomes outdated/or breaks on purpose to ensure a continuing market

17
Q

what are roger’s characteristics of innovation and consumers?

A
  1. innovators - risk takers.
  2. early adopters
  3. early majority - like feedback to avoid risk
  4. late majority - skeptical towards newer innovations
  5. laggards - don’t like any change and prefer tradition