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.
A product designed in becoming obsolete in other words useless, after a certain period of time and use.
The process of discovering a principle. A technical advance in a particular product resulting in a novel product. E.g. Alexander Graham Bell
The business of putting an invention into the market place and making it a success. E.g. James Dyson
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
The initial impetus for the development of a new product is generated by a demand from the market.
The market demands further development for new ideas/model to be generated.
Where the impetus for a new design come from a technological development.
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.
An influential individual, usually working within an organisation who develops an enthusiasm for a particular idea or invention and champions it within that organization.
Someone who immediately welcomes a technological change.
Someone who resists all technological change.
Someone who needs some convincing before embracing technological change.
Long term aims and objectives of a company and ways of achieving them by allocation of resources.
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.
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.
Multi Strategy. Companies that use a mixture of imitative and innovative strategies in order to maximize profit and sales.
Increasing sales to existing customers or finding new customers for an existing product through advertising and promotion.
Finding new applications for existing products, thereby opening up new markets.
The creation of new, modified or updated products aimed mainly at companies existing customers.
Involves a company both in the development of new products and in the selling of those products to new companies.
A broad way of categorizing the kinds of market the company is aiming for.
Markets divided up into smaller segments where the purchasers have similar characteristics and tastes.
Flexible designs that can be adapted to changing technical market requirements.
A group of products having common classification criteria. Members normally have many common parts and assemblies.