Innovation and Design Flashcards
Pioneering
Being ahead of the competitors by introducing a new product first
- most risky but with potential for the largest gains
Imitative Strategy
Aims to develop a product similar to the “Pioneered” product asap
Hybrid Strategy
Companies use a mix of pioneering and imitative strategies to:
- maximize profit
- provides a quick turn around nd
- reduces R&D spending
Market Penetration
% of the total market
- some % doesn’t use product
- % + when customers convert
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Market Share/Market Segmentation
Splitting up the market penetration
Market Segmentation
above/below the line
Manufactured Demand
demand for something that, in the absence of exposure to the vehicle of creating demand, would not exist.
market development
product development
the creation of new, modified or updated products aimed mainly at a company’s existing customers
Diversification
developing new products for new markets
robust design
technology push and market pull
product champion
the person who develops an enthusiasm for an idea and champions it
multi-disciplinary approach to innovation
