DT Topic 02
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Created by:
carbondudeoxide on January 2, 2011
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29 terms
Terms | Definitions |
|---|---|
 Product Cycle | The cycle of a product from an idea through to conception and usability. Designing is part of this cycle: as a need is generated, a product is designed, made and sold, eventually becoming obsolete. |
| Early Product Cycle | In the stages where a product goes through many changes until it develops to the next stage, where it is diffused into the market, gaining acceptance and selling well. |
| Late Product Cycle | In the stage where a product begins to decline in need and therefore in sales. |
| Mature Product Cycle | The ballpoint pen is in this stage, as it still sells well although the design does not change much. |
| Planned Obsolescence | A product designed in becoming obsolete in other words useless, after a certain period of time and use. |
| Invention | The process of discovering a principle. A technical advance in a particular product resulting in a novel product. E.g. Alexander Graham Bell |
| Innovation | The business of putting an invention into the market place and making it a success. E.g. James Dyson |
| Dominant Design | Products that meet manufacturers' and users' needs very well indeed as they contain implicit features that are recognized as essential. |
| Diffusion into the market place | The wide acceptance (and sale) of a product. E.g. Ipod |
| Market Pull | The initial impetus for the development of a new product is generated by a demand from the market. |
| Market Push | The market demands further development for new ideas/model to be generated. |
| Technology Push | Where the impetus for a new design come from a technological development. |
| Lone Inventor | An individual working outside or inside and organization who is committed to the invention of a novel product and often becomes isolated because he or she is engrossed with ideas that imply change and are resisted by others. |
| Product Champion | An influential individual, usually working within an organisation who develops an enthusiasm for a particular idea or invention and champions it within that organization. |
| Technophile | Someone who immediately welcomes a technological change. |
| Technophobe | Someone who resists all technological change. |
| Technocautious | Someone who needs some convincing before embracing technological change. |
| Corporate Strategy | Long term aims and objectives of a company and ways of achieving them by allocation of resources. |
| Pioneering Strategy | Pioneering means being ahead of the competitors by introducing a new product first. It is the most risky (costly) strategy but one with the potential for the largest gains. |
| Imitative Strategy | The imitative strategy aims to develop a product similar to the "pioneered" product as quickly as possible. It takes advantage of R&D invested by others, and is less risky. |
| Hybrid Strategy | Multi Strategy. Companies that use a mixture of imitative and innovative strategies in order to maximize profit and sales. |
| Market Penetration | Increasing sales to existing customers or finding new customers for an existing product through advertising and promotion. |
| Market Development | Finding new applications for existing products, thereby opening up new markets. |
| Product Development | The creation of new, modified or updated products aimed mainly at companies existing customers. |
| Diversification | Involves a company both in the development of new products and in the selling of those products to new companies. |
| Market Sectors | A broad way of categorizing the kinds of market the company is aiming for. |
| Market Segmentation | Markets divided up into smaller segments where the purchasers have similar characteristics and tastes. |
| Robust Design | Flexible designs that can be adapted to changing technical market requirements. |
| Product Family | A group of products having common classification criteria. Members normally have many common parts and assemblies. |
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