Invention
What is the term for creating something completely new and original?
Invention
What is the term for turning an invention into a marketable product?
Innovation
What is it called when a company releases a product before any competitors?
First-to-market
What is the first stage of the product life cycle?
Introduction
What term describes the constraints and guidelines that designers must follow?
Specifications
What legal tool is often used to protect an inventor’s work?
Patent
Which theory explains how innovations spread through different types of adopters?
Rogers’ Diffusion of Innovation
What term describes old technologies that are revived later for a new purpose?
Shelved technology
During which stage do sales peak, and the product reaches market saturation?
Maturity
What factor determines whether a product will sell well in its intended market?
Customer demand
What are the two main drivers of invention?
Technology push and market pull
What is the name of the strategy where products are designed with a limited lifespan to encourage repeat purchases?
Planned obsolescence
What is the term for innovation that disrupts existing markets with groundbreaking products?
Disruptive innovation
What strategy is used to extend a product’s lifecycle by launching new versions, such as "Pro" or "Lite" models?
Product diversification
What term refers to assessing if a product can realistically be produced?
Feasibility
What term describes when an inventor works without immediate commercial interest?
Lone inventor
What type of innovation involves small, gradual improvements to existing products?
Sustaining innovation
What key factor in design ensures a product is affordable to make?
Cost-effectiveness
What is the stage where sales decline, and the product may be discontinued?
Decline
What process involves testing and refining designs through prototypes?
Iterative development
What is the process of licensing inventions to generate revenue called?
Commercialization
What term refers to innovation driven by consumer needs or demands?
Market pull
What term describes businesses working together to innovate and share resources?
Collaboration
What is the strategy of expanding into new markets to extend the product’s growth stage?
Market development