IB Design Technology HL - Topic 9 (Innovation & Markets)

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28 Terms

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Brand

A product from a known source (organization). The name of the organization can also serve as a brand.

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Brand loyalty

Where a person has a favourite supplier and prefers to buy products from them rather than from other suppliers.

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Competition-based pricing

A pricing strategy where a product is positioned in the market based on the price of similar products. The company will position the product by pricing it lower, similar or higher than similar products.

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Corporate social responsibility

A form of self-regulation for a company that centres on the development of goals related to three areas: economic; social; and environmental.

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Cost-plus pricing

A pricing strategy where a company will add a percentage to the total costs incurred for a product (production, design, distribution etc.)

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Demand pricing

A pricing strategy where a company will set the price based on the demand for the product.

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Environmental scanning

The study and interpretation of the political, economic, social and technological events and trends that influence a business, industry or market.

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Expert appraisal

The reliance on the knowledge and skills of an expert in the operation of the product.

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Imitative strategy

Developing products that are similar to an existing new product.

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Literature search

The use of consumer reports, newspaper, magazines, encyclopaedias, manufacturers information, etc. to conduct research.

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Corporate strategy - Market development

Finding new applications for existing products, thereby opening up new markets.

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Corporate strategy - Market penetration

Increasing sales to existing customers or finding new customers for an existing product.

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Market research

The systematic gathering of data about individuals or organisations using statistical analysis and techniques to support decision making.

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Market sector

A broad way of categorizing the kinds of market the company is aiming for.

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Market segment

Markets divide into smaller segments where the purchasers have similar characteristics and tastes.

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Marketing mix

Four factors identified through market research that provide the designer with an accurate brief of market requirements. The 4 Ps: Product; Place; Price; and Promotion.

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Perceptual mapping

A tool to quickly compare a product to others in the market in a graphical representation.

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Pioneering strategy

Being first to market with a new innovation.

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Corporate strategy - Product development

The creation of new, modified or updated products aimed mainly at a company's existing customers.

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Corporate strategy - Product diversification

Increasing sales from new products or markets.

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Product family

A group of products having common classification criteria. Members normally have many common parts and assemblies.

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Product line pricing

Where the different products from the same product range are positioned at different price points.

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Product standardisation

The process of setting uniform characteristics for a particular product, system or service.

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Promotion

The ways that can be used to communicate information about a product or system to consumers and other interested parties.

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Psychological pricing

Where a product is priced to give the impression that it is paying less. For example, pricing at €1.99 instead of €2.

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Registered design

An intellectual property mark that protects a product's appearance. This refers to the features of the product's shape, configuration, pattern or ornamentation which is new and distinctive.

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User research

Obtaining users' responses through questionnaires/surveys and interviews.

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User trial

The observation of people using a product and collection of comments from people who have used a product.