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IB Design Technology > Chapter 9 Innovation/Markets > Flashcards

Chapter 9 Innovation/Markets Flashcards

1
Q

Pioneering Strategy

A

Being ahead of the competitors by introducing a new product first. This strategy has the potential for high profit if the product is successful.

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2
Q

Imitative Strategy

A

Developing products that are similar to an existing product , has potential for high profit.

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3
Q

Ansoff Matrix

A

Marketing planning tool which usually aids a business in determining its product and market growth.

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4
Q

Market Development

A

Finding new applications for existing products, thereby opening up new markets. Increasing sales to existing customers or finding new customers for an existing product.

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5
Q

Product Development

A

Creation of new, modified, or updated products aimed at a company’s existing customers.

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6
Q

Market Penetration

A

Increasing sales to existing customers or finding new customers for an existing product, a tool used to determine the potential growth available for product sales.

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7
Q

Product Diversification

A

Process of setting uniform characteristics for a particular product, system or service to help increasing sales.

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8
Q

Hybrid Approaches

A

Multiple mentioned strategies are used at once.

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9
Q

Corporate Social Responsibility

A

form of self-regulation for a company that centers around the development of goals related to three areas; economic, social, and environmental.

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10
Q

Result of an hybrid strategy

A

Will adopt an expensive and risky pioneering strategy for some products and safe imitative strategy for others.

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11
Q

Market Sectors

A

Broad way of categorizing the kinds of market the company is aiming for.

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12
Q

Geographical Sectors

A

Identify purchases in a particular region, Characteristics might be region, value, and cultural-specific.

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13
Q

Client Based Sectors

A

Focus on consumers, whether they are individuals or groups, industry related, commercial or government run enterprises.

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14
Q

Mass Market

A

Produced on a large scale, a product that is available to a large amount of people and can be used by anyone.

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15
Q

Market Segments

A
  • Geographic
  • Psychographic
  • Demographic
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16
Q

Product Famliy

A

A group of products having common classification criteria, members normally have many common parts and accessories.

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17
Q

Marketing Mix 4 P’s

A
  • Product
  • Price
  • Place
  • Promotion
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18
Q

Product Standardisation

A

State based legislation to guarantee quality, safety, and reduce potential risks for the user, allow for interchangeability of components

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19
Q

Demand Pricing

A

A company will set the price based on the demand for their product.

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20
Q

Competitor Pricing

A

Watching competitor prices and setting their price lower to increase demand.

21
Q

Product Line Pricing

A

Offering of add ons to improve or vary the product maximizes profits by increasing sales.

22
Q

Psychological Pricing

A

Where a product is priced to make the customer feel like they are paying less ; $19.99

23
Q

Cost-Plus Pricing

A

A company will add a percentage to the total cost.

24
Q

Competition Based Pricing Strategy

A

A product is positioned in the market based on the price of similar products/competitors.

25
Q

Purpose of Promotion

A

Ways to communicate information about a product to consumers.

26
Q

Market research

A

Includes Idea generation, development, evaluating market potential, economic trends, collecting data related to demographics, etc…

27
Q

Primary Data Collection

A

Data observed/collected directly from first hand experience.

28
Q

Secondary Data Collection

A

Published data and data thats collected from the past.

29
Q

Qualitative Data

A

Data collected from comfort, tastes, etc.

30
Q

Quantitative Data

A

Data with numbers/

31
Q

Literature Search

A

Use of consumer reports, newspapers, magazines, to conduct research and follow historical data.

32
Q

Expert Appraisal

A

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

33
Q

User trial

A

Oberservation of people using a product and collection of comments from the user.

34
Q

User Research

A

Obtaining User Responses through questionnaires/surveys.

35
Q

Perceptional mapping

A

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

36
Q

Environmental Scanning

A

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

37
Q

Technophiles

A

People who immediately welcome a technological change.

38
Q

Technophobe

A

People who resist all technological change.

39
Q

Technocautious

A

People who need convincing before embracing the technological change.

40
Q

Eco-Warriors

A

Demonstrate on Enviormental issues

41
Q

Eco-Fans

A

Adopt environmental friendly practices as consumers.

42
Q

Eco-Champions

A

Can use their position to influence certain issues and organizations.

43
Q

Eco-Phobes

A

Resent talk of enviormental protection.

44
Q

Brand

A

A type of product manufactured by a particular company under a particular name.

45
Q

Brand Loyalty

A

When a person has the tendacy to favour one supplier over others.

46
Q

Trademark/Registered Design

A

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

47
Q

Patent

A

Intellectual property market hat protects a products appearance or its technology.

48
Q

Global Impact of Branding

A

Provides a sense of belonging to a global community.

IB Design Technology (1 decks)

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