Innovation & Creativity
The process of generating new ideas or solutions to problems in design.
What is innovation?
This stage of development involves identifying a problem or opportunity in the market.
What is problem identification?
The four main elements of marketing strategy often referred to as the “4 Ps”.
What are Product, Price, Place, and Promotion?
A person who organizes resources and takes risks to start a new business.
What is an entrepreneur?
A symbol or name legally registered to represent a company or product.
What is a trademark?
This thinking method focuses on understanding users, defining problems, and developing creative solutions.
What is design thinking?
A detailed outline describing the requirements, constraints, and objectives of a design project.
What is a design brief?
The group of customers most likely to purchase a product.
What is a target market?
A document that outlines the goals, strategies, and financial projections of a business.
What is a business plan?
Protection given to creators of original artistic or written works.
What is copyright?
The stage in product development where multiple ideas are generated through sketches and brainstorming.
What is ideation?
This process involves testing and refining a prototype to improve performance and usability.
What is product testing and evaluation?
The process of collecting and analyzing information about consumers and competitors.
What is market research?
Money invested into a startup business in exchange for ownership shares.
What is equity financing?
Confidential business information that provides a competitive advantage.
What is a trade secret?
A simplified version of a product built to test ideas and concepts before final production.
What is a prototype?
The stage where materials, components, and manufacturing methods are finalized for production.
What is product specification?
A strategy used by companies to distinguish their product from competitors.
What is product differentiation?
Funding provided by governments or organizations that does not need to be repaid.
What are grants?
Confidential business information that gives a company a competitive advantage.
What is a trade secret?
The protection given to inventors to prevent others from making or selling their invention without permission.
What is a patent?
The transformation of raw materials into finished products using tools, machinery, and labor.
What is manufacturing?
The method of introducing a product to consumers.
What is advertising?
The process of expanding a business by increasing production, markets, or operations.
What is business scaling?
The use of automated machines and robotics in manufacturing processes.
What is automation?