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Innovation and Design (INVENTION (Drivers for invention (scientific or…
Innovation and Design
INVENTION
Drivers for invention
scientific or technical curiousity
contructive discontent
personal motivation
make life better
to make money
Lone inventors
Intellectual property
Strategies to protect
Patents
Trademarks
Design protection
Copyright
Service mark
Benefits
differentiating
allowing licensing as a revenue stream
marketing
used as security for loans
Shelved technologies
First to market
INNOVATION
Successful due to the following reasons
Marketability
Financial support
Marketing: trends in innovation
The need for the invention
Price is affordable
Strategies
Diffusion
Suppression
Act of insight
Adaptation
Analogy
Chance
Technology push
Market pull
PRODUCT LIFE CYCLE
Key stages
Launch
Growth
Maturity
Decline
Obseloescene affects the product life cycle
Planned
Style changed so the product is no longer desirable
Functional: wear out, break down
Technological: new technology supersedes an existing technnology
Product versioning
ROGERS' CHARACTERISTICS OF INNOVATION AND CONSUMERS
5 characteristics identified by Rogers that impact on consumer adoption of an innovation are:
Relative advantage
the degree to which the innovation is perceived as better than the idea it supersedes. i.e more efficient, cost less
Compatibility
the degree to which the innovation is consistent with existing values
Complexity
the degree to which the innovation is difficult to understand and use
Observability
The chances of adoption are greater if people can easily see the advantages of the new technology
Trialability
innovations are easier to adopt if they can be tried out in part
Social roots of consumerism
Lifestyle
Values
Identity
Definition: Consumerism concerns movements that enhance the rights and powers of buyers in relation to sellers.
The influence of Soc Med on the diffusion
The influence of trends and the media on consumer choice
Categories of consumers
Innovators
Early adopters
Early majority
Late majority
Laggards
Stakeholders
the entrepreneur
product champion
lone inventors