Unit 9 - Innovation and Markets Flashcards
Pioneering Strategy
The process of introducing new areas of thought or development in the design process. (first to market)
Imitative Strategies
Aims to develop a product similar to an existing new product. Takes advantage of R&D, less risky
Hybrid Strategy
mixture of pioneering, imitative strategies
Market Penetration
New customers for an existing product (less risky)
Market Development
Finding new applications for existing products, thereby opening up new markets
Product Development
The creation of new, modified or updated products aimed mainly at a company’s existing customers.
Product diversification
Increasing sales from new products [and]/or [new] markets (most risky)
Corporate Social Responsibility
A form of self-regulation for a company and centres around the development of goals (economic, social, environmental)
Market Sector
A broad way of categorizing the kinds of market the company is aiming for.
Geographical Sectors
values, culture and characteristics of purchasers in that region along with purchasing power
Client based Sectors
Focuses on consumers, industrial, public sector and commercial.
Market Segment
Dividing up the markets into smaller segments targeting customers that share characteristics.
Types of segments
income, profession, age, family, values, behaviour, gender
Product Family
A group of products having common classification criteria. (common parts, assemblies and/or aesthetic elements)
Marketing Mix
Product, Place, Price, Promotion
