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Act of insight (innovation strategies)

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52 Terms

1

Act of insight (innovation strategies)

Often referred to as the "eureka moment", a sudden image of a potential solution is formed in the mind, usually after a period of thinking about a problem.

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2

Adaptation (innovation strategies)

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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3

Analogy (innovation strategies)

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

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4

Architectural innovation

The technology of the components stays the same, but the configuration of the components is changed to produce a new design.

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5

Chance (innovation strategies)

An unexpected discovery leads to a new idea.

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6

Competition

Any company or product that can fulfil similar functions for a similar market.

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7

Configurational innovation

A change is made in both technology and organization.

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8

Copyright ©

A legal right that grants the creator of an original work exclusive ownership for its use and distribution. Usually for a limited time and within geographical boundaries, copyright allows the creator to receive compensation for their intellectual effort.

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9

Design specification

A list of measurable requirements, constraints and considerations that a yet-to-be-designed product must fulfil.

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10

Diffusion (Markets)

The wide acceptance (and sale) of a product.

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11

Disruptive innovation

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

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12

Drivers for invention

These include personal motivation to express creativity/for personal interest, scientific or technical curiosity, constructive discontent, desire to make money, desire to help others.

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13

Early adopters

The second fastest category to adopt an innovation.

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14

Early majority

The third fastest group to adopt an innovation, tends to take more time to consider adopting new innovations and is inclined to draw from feedback from early adopters before taking the risk of purchasing new products/systems.

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15

Entrepreneur

An influential individual who can take an invention to market, often by financing the development, production and diffusion of a product into the marketplace.

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16

First to market

The first product of its type to be released on the market.

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17

Functional obsolescence

Over time, products wear out and break down. If parts are no longer available, the product can no longer work in the way it originally did. Also, if a service vital to its functioning is no longer available, it can become obsolete.

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18

Innovation

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

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19

Innovators

The first individuals to adopt an innovation. They are willing to take risks.

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20

Intellectual Property (IP)

A legal term for intangible property such as "creations of the mind" such as inventions and designs that are used in a commercial setting. Intellectual property is protected by law.

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21

Invention

The process of discovering a principle. A technical advance in a particular field often resulting in a novel product.

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22

Laggards

The last to adopt an innovation. They tend to prefer traditions and are unwilling to take risks.

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23

Late majority

The fourth fastest group to adopt an innovation. They do so after it has been established in the marketplace and are seldom willing to take risks with new innovation.

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24

Lone inventor

An individual working outside or inside an organization who is committed to the invention of a novel product and often becomes isolated because he or she is engrossed with ideas that imply change and are resisted by others.

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25

Market analysis

An appraisal of economic viability of the proposed design from a market perspective, taking into account fixed and variable costs and pricing. It is typically a summary about potential users and the market.

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26

Market pull (innovation strategies)

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

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27

Modular innovation

The basic configuration stays the same, but one or more key components are changed.

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28

Multi-disciplinary approach

On occasion, the inventor is also the product champion and/or entrepreneur. This requires specific skill sets and actions to fulfil these roles and the reason inventors often take on multiple roles. Effective design draws from multiple areas of expertise, and this can be utilised at different stages of product development.

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29

Patent

An agreement from a government office to give someone the right to make or sell a new invention for a certain number of years.

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30

Patent pending

An indication that an application for a patent has been applied for but has not yet been processed. The marking serves to notify those copying the invention that they may be liable for damages (including back-dated royalties), once a patent is issued.

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31

Planned obsolescence

A product becomes outdated as a conscious act either to ensure a continuing market or to ensure that safety factors and new technologies can be incorporated into later versions of the product.

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32

Process innovation

An improvement in the organization and/or method of manufacture that often leads to reduced costs or benefits to consumers.

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33

Product champion

An influential individual, usually working within an organization, who develops an enthusiasm for a particular idea or invention and "champions" it within that organization.

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34

Product generations

A business practice in which a company releases a new group of products that have advanced features compared to an earlier group.

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35

Product life cycle

A tool for mapping out the four stages of a product's commercial life: Launch; Growth; Maturity; Decline.

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36

Product versioning

A business practice in which a company produces different models of the same product, and then charges different prices for each model.

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37

Radical innovation

A high risk innovation strategy that introduces a new idea, system or product that is very different from the existing paradigm.

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38

Research methods

A thorough analysis of competing designs is required to establish the market need. Methods include user research, user trial, literature search, expert appraisal, performance test.

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39

Rogers' characteristics of innovation and consumers

Five characteristics that impact on consumer adoption of an innovation: Relative advantage; Compatibility; Complexity; Observability; Trial-ability.

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40

Service Mark (SM)

A trademark used to identify a service rather than a product.

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41

Shelved technology

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

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42

Social roots of consumerism

Consumerism is concerned with protecting customers from all organisations where there is an exchange relationship. The roots of consumerism can be traces through: disillusionment with the system; the performance gap; the consumer information gap; antagonism toward advertising; impersonal and unresponsive marketing institutions; intrusions of privacy; declining living standards; special problems of the disadvantaged; different views of the marketplace.

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43

Style (fashion) obsolescence

Fashions and trends change over time, which can result in a product no longer being desirable. However, as evidenced by the concept of retro styling and the cyclic nature of fashion, products can become desirable again.

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44

Suppression (Markets)

A process where a new idea or adoption of a product by the market is actively slowed.

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45

Sustaining innovation

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

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46

Target audience

A specific group of people within the target market at which a product or the marketing message of a product is aimed at.

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47

Target market

When determining the target market, market sectors and segments need to be identified.

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48

Technological obsolescence

When a new technology supersedes an existing technology, the existing technology quickly falls out of use and is no longer incorporated into new products. Consumers instead opt for the newer, more efficient technology in their products.

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49

Technology push (innovation strategies)

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

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50

Technology transfer (innovation strategies)

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

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51

Trademark ® or TM

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

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52

User need

The essential requirements that a product must satisfy in relation to the user.

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