Studied by 0 people
Invention
The process of discovering a principle that allows a technical advance in a particular field, resulting in a novel or new product.
Drivers for Invention
Factors that motivate invention, such as personal interest, scientific curiosity, dissatisfaction with existing products, financial gain, and the need to solve problems.
Lone Inventors
Individuals who work alone or within an organization, often focusing intensely on their ideas, which may lead to isolation and resistance from others.
Intellectual Property (IP)
Legal term for intangible assets such as inventions, designs, and artistic works. It includes patents, trademarks, design protection, copyrights, and service marks.
Patents
Government grants that give the right to make or sell a new invention for a specified period.
Trademark
A symbol, word, or phrase legally registered to represent a company or product.
Design Protection
Protection for innovative shapes, appearances, or ornamentation of products.
Copyright
A legal right granting the creator exclusive ownership and control over the use and distribution of their original work.
Service Mark
A trademark used to identify and protect services rather than products.
Patent Pending
Indicates that a patent application has been filed but not yet granted, serving as a notice to potential infringers.
First to Market
The strategy of rushing a new product to market before competitors to gain an early advantage.
Shelved Technologies
Technologies that are temporarily set aside or not released due to various reasons, including market readiness, technical issues, or cost.
Innovation
The process of introducing an invention into the marketplace and making it successful.
Marketability
The ease with which a product can be sold and accepted by consumers.
Financial Support
Monetary backing needed to develop and promote an invention.
Marketing
The process of getting products from producers to consumers, including advertising and selling.
Sustaining Innovation
New or improved products that meet consumer needs and sustain manufacturers by updating existing products.
Disruptive Innovation
Technologies or products that challenge existing market structures and force companies to adapt or be left behind.
Process Innovation
Improvements in the methods or organization of manufacturing that lead to reduced costs or benefits to consumers.
Architectural Innovation
Changing the configuration of existing components to create a new design without altering the technology of the components.
Modular Innovation
Maintaining the same basic configuration but changing one or more key components to improve the product.
Configurational Innovation
Changes made in both technology and organization to create a new product or system.
Diffusion
The process by which a new idea or product is accepted by the market and becomes widely used.
Suppression
The process of actively slowing the adoption of a new product or idea, often due to competition or resistance to change.
Act of Insight
The "eureka moment" where a sudden image of a potential solution forms in the mind after thinking about a problem.
Adaptation
A solution to a problem in one field is adapted for solving a problem in another field.
Technology Transfer
Technological advances that form the basis of new designs are applied to the development of different types of products or systems.
Analogy
An idea from one context is used to stimulate ideas for solving a problem in another context.
Chance
An unexpected discovery leads to a new idea.
Technology Push
Scientific research leads to advances in technology that underpin new ideas. The driving force for a new design emerges from a technological development.
Market Pull
A new idea is needed as a result of demand from the marketplace.
The Lone Inventor
An individual working outside or inside an organization who is committed to the invention of a novel product and often becomes isolated due to ideas that imply change and are resisted by others.
The Product Champion
An influential individual, usually within an organization, who develops enthusiasm for a particular idea or invention and promotes ("champions") it within the organization.
The Entrepreneur
An influential individual who takes an invention to market, often by financing its development, production, and diffusion into the marketplace.
Multidisciplinary Approach to Innovation
Involves drawing from multiple areas of expertise and utilizing them at different stages of product development, typically with teams from various disciplines working together.
Product Life Cycle
A tool for mapping out the four stages of a product's commercial life: Launch, Growth, Maturity, and Decline.
Launch
Slow sales and little profit as the product is introduced to the market.
Growth
Market gradually accepts the product, leading to expanding sales.
Maturity
Sales peak and remain steady; maximum profit is achieved.
Decline
Market saturation is reached; sales and profit begin to decrease.
Obsolescence
When a product or trend becomes outdated or no longer needed. This affects the product life cycle by potentially shortening it.
Planned Obsolescence
The product is designed to become outdated intentionally to ensure a continuing market or to incorporate new safety features and technologies in later versions.
Style (Fashion) Obsolescence
Products become undesirable as fashions and trends change over time, though they can become desirable again due to retro styling.
Functional Obsolescence
Products wear out, break down, or lose functionality due to unavailable parts or services.
Technological Obsolescence
Existing technology becomes obsolete when superseded by new, more efficient technology.
Product Versioning/Generations
Offering a range of products based on a core or initial product for different market segments. It allows companies to maintain a pioneering strategy and consistent revenue flow by introducing new versions or generations of a product (e.g., Apple's iPod, iPhone, iPad).
Innovators (Risk Takers)
The first individuals to adopt an innovation; willing to take risks.
Early Adopters (Hedgers)
The second fastest category to adopt an innovation; often opinion leaders.
Early Majority (Waiters)
The third group, more deliberate in adopting innovations; tends to rely on feedback from early adopters.
Late Majority (Skeptics)
Adopts the innovation after it is well established in the marketplace; usually risk-averse.
Laggards (Slow Pokes)
The last to adopt an innovation; prefer traditions and are typically resistant to change.
Relative Advantage
The degree to which an innovation is perceived as better than the idea it supersedes (e.g., more productive, efficient, cost-effective).
Compatibility
The degree to which an innovation is perceived as consistent with existing values, past experiences, and needs of potential adopters.
Complexity (Simplicity)
The degree to which an innovation is perceived as difficult to understand and use.
Observability
The degree to which the results of the innovation are visible to others, increasing the likelihood of adoption.
Trialability
The degree to which an innovation can be experimented with on a limited basis before a full commitment is made.
Marketing Specifications
Define the market and user characteristics of a proposed design. These specifications are developed based on data collected from the target market and audience throughout the design process.
Target Market
A specific group of consumers most likely to buy a product. Determining the target market involves identifying market sectors and segments to position the product effectively in marketing and distribution channels.
Target Audience
Refers to the specific users or customers for whom the product is designed. Establishing the characteristics of the target audience helps tailor the product to their needs and preferences.
Market Analysis
An appraisal of the economic viability of the proposed design, considering factors like fixed and variable costs, pricing, and potential market demand. It typically includes a summary of potential users and market conditions.
User Need
Essential requirements that the product must meet to satisfy market and user demands. Identifying user needs is crucial for creating a relevant and appealing product.
Competition
An analysis of competing designs to understand market needs and differentiate the product. Identifying competitors and their strategies helps an organization develop a competitive edge and respond effectively to market challenges.
