Innovation and Market Research Flashcards

Flashcards covering key concepts related to innovation and market research, focusing on theories, definitions, and processes.

Disruptive Innovation

A process whereby a smaller company with fewer resources successfully challenges established businesses by targeting low-end markets or creating new markets.

Sustaining Innovation

The process of innovating to improve existing products and services for current customers, driven by market demands.

Innovator's Dilemma

A situation where a company struggles to allocate resources to pursue disruptive strategies that may not align with existing customer concerns.

Jobs to Be Done (JTBD) Theory

A framework that focuses on understanding what the customer aims to accomplish when 'hiring' a product or service.

Value Proposition

The unique value you provide to customers, including the problem you solve and the impact of your solution.

Market Segmentation

The process of dividing a heterogeneous market into smaller, homogeneous subgroups with similar needs.

TAM (Total Addressable Market)

The total market demand for a product or service; the maximum revenue potential.

SAM (Serviceable Addressable Market)

The segment of the TAM that a business can realistically reach based on constraints.

SOM (Serviceable Obtainable Market)

The portion of SAM a business can realistically capture, accounting for competition.

Market Research

The systematic gathering of information about markets, customers, and competitors to facilitate business decisions.

Design Thinking Process

A user-centered approach to innovation that includes empathizing, defining, ideating, prototyping, and testing.

Low-Fidelity Prototype

An early, simple version of a product used to test concepts before full development.

Corporate Innovation

The process by which companies create and implement new ideas and technologies to drive growth.

Crowdsourcing

A method of obtaining ideas, services, or content from a large group of people, often from an online community.

Experimentation Types for Innovation

Various methods of testing new ideas through practical engagement, prototyping, and feedback.