7A Innovation in the market Flashcards
1
Q
What is technology push?
A
How advancements in science and technology are used to produce new products or improve existing products
2
Q
What is market pull?
A
How consumer demand leads to product development/improvement
3
Q
Define obsolete
A
No longer working or useful
4
Q
What are the two types of market research?
A
1) Primary: gathering new data that has not been collected before (e.g. questionnaires, photos, surveys, interviews, focus groups)
2) Secondary: gathering existing data that has already been produced (e.g. from the Internet, newspapers/magazines, company/product data)
5
Q
What is ‘built in’ and ‘planned’ obsolescence?
A
When companies deliberately plan to minimise the life of a product to maintain sales of future products
