topic 5 - innovation and design Flashcards
what is invention?
process of discovering a new principle which allows technical advance.
what is IP (intellectual property)?
a legal term for inventions and designs that are used in a commercial setting and need to be protected by the law.
three strategies for IP:
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
what is innovation?
the business of putting an invention in the market and making it a success.
what is disruptive innovation?
a product that challenges exisiting products. e.g. ipods changing the way we listen to music
what is architectural innovation?
techonolgy stays the same but components change. e.g. sony walkman
what is incremental design (or modular innovation)?
basic configuration stays the same but one component is changed. e.g. a button on a toaster
radical innovation?
something that changes the course of the market. e.g. smart phone
what is diffusion
process where a market will accept a new idea/product.
what is suppression?
process where a new idea/product is actively slowed.
what is technology push?
scientific research that leads to an advance in technology
what is market pull?
demand from the market place
what is a product champion?
an individual working for an organisation who likes a particular idea/invention and champions it within the organisation.
what is an entrepreneur?
someone who takes an invention to the market by financing it themself
what are the key stages in a product’s life?
- launch - slow sales, little profit
- growth - diffusion starts, sales increase
- maturity - sales peak, maximum profit achieved
- decline - sales and profit reduce
