Value Through Innovation - Chapter 11

Question 1

brainstorming

Answer 1

technique where a group of people generate ideas without initial evaluation; only when the list of ideas is complete is each idea then evaluated

Question 2

business analysis

Answer 2

a review of the projected sales, costs and profits for a new product to establish whether these factors satisfy company objectives

Question 3

concept testing

Answer 3

testing new product ideas with potential customers

Question 4

diffusion of innovation process

Answer 4

process by which a new product spreads throughout a market over time

Question 5

innovation

Answer 5

the commercialisation of an invention by bringing it to market

Question 6

invention

Answer 6

the discovery of new methods and ideas

Question 7

market testing

Answer 7

the limited launch of a new product to test sales and potential

Question 8

product churning

Answer 8

a continuous and rapid spiral of new product introductions

Question 9

project teams

Answer 9

the bringing together of staff from such areas as R&D, manufacturing, finance and marketing to work on a project such as new product development

Question 10

simultaneous engineering

Answer 10

the involvement of manufacturing and product development engineers in the same development team in an effort to reduce development time

Question 11

test marketing

Answer 11

the launch of a new product in one or a few geographic areas chosen to be representative of the intended market