Product Cycle
Innovation and invention
People
Strategies
Market
100
The cycle that includes: 1. Inception 2. Production 3. Sales 4. Use 5. Retirement
What is product cycle
100
The process of discovering a principle. A technical advance in a particular field often resulting in a novel product.
What is invention
100
Someone who resists all technological change
What is technophobe
100
Long-term aims and objectives of a company and ways of achieving them by allocation of resources.
What is corporate strategy
100
Markets divide up into smaller segments where the purchasers have similar characteristics and tastes
What is market segmentation
200
It is diffused into the market, gains acceptance and sells well.
What is mature
200
The impetus for a new design emanates from a technological development.
What is technology push
200
Someone who immediately welcomes a technological change
What is technophile
200
Aims to develop a product similar to the "pioneered" product as quickly as possible
What is imitative strategies
200
The evolution of a design into a variety of products that will appeal to a wide range of customers
What is design family
300
Many changes to the product take place until it develops
What is early
300
The business of putting an invention in the marketplace and making it a success.
What is innovation
300
An individual working outside or inside an organization committed to the invention of a novel product
What is lone inventor
300
The creation of new, modified or updated products aimed mainly at a company’s existing customers
What is product development
300
A broad way of categorizing the kinds of market the company is aiming for
What is market sector
400
The person who has the most important role in the product
What is designer
400
The design containing those implicit features of a product which are recognized as essential by a majority of manufacturers and purchasers.
What is dominant design
400
Someone who needs some convincing before embracing technological change
What is techno-cautious
400
Being ahead of the competitors by introducing a new product first
What is pioneering strategy
400
Flexible designs which can be adapted to changing technical and market requirements
What is robust design
500
The product begins to decline in need and therefore in sales
What is late
500
The initial impetus for the development of a new product is generated by a demand from the market.
What is market push
500
An influential individual, usually working within an organization, who develops an enthusiasm for a particular idea
What is product champions
500
Finding new applications for existing products, thereby opening up new markets
What is market development
500
Increasing sales to existing customers or finding new customers for an existing product, usually through advertising.
What is market penetration
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