DT IB Topic 2 Definitions

Define lone inventor.

A lone inventor is an individual who is committed to the invention of a novel product and often becomes isolated because he/she is engrossed with ideas that imply change and are resisted by others.

Define product champion.

A product champion is an influential individual, usually within an organisation, who develops an enthusiasm for a particular idea or invention and advocates it, or "champions" it, within that organisation.

Define techno-cautious.

A techno-cautious person needs some convincing before embracing a technological change.

Define technophile.

A technophile is someone who immediately welcomes a technological change.

Define technophobe.

A technophobe resists all technological change

Define corporate strategy

Corporate strategy is the long-term aims and objectives of a company and ways of achieving them by allocation of resources.

Define diffusion into the marketplace.

Diffusion into the market place is the wide acceptance (and sale) of a product

Define diversification.

Diversification involves a company both in the development of new products and in selling those products to new companies.

Define dominant design.

Dominant design is the design that contains those implicit features of a product that are recognized as essential by a majority of manufacturers and purchasers.

Define market penetration

Increasing sales to existing customers or finding new customers for an existing product.

Define invention.

Invention is the process of discovering a principle. A technical advance in a particular field often resulting in a novel product.

Define market development

Market penetration is increasing sales to existing customers or finding new customers for an existing product.

Define market pull.

Market pull is the initial impetus for the development of a new product when it is generated by a demand from the market.

Define market sector.

Market sector is a broad way of categorizing the kinds of market the company is aiming for.

Define market segmentation.

Market segmentation is where the market divides up into smaller segments where the purchasers have similar characteristics and tastes.

Define product development.

Product development is the creation of new, modified or updated products aimed mainly at a company's existing customers

Define product family.

Product family is a group of products having common classification criteria. Members normally have many common parts and assemblies.

Define robust design.

Robust design is flexible designs that can be adapted to changing technical and market requirements.

Define technology push.

Technology push is there the impetus for a new design emanates from a technological development

Define innovation.

The business of putting an invention in the marketplace and making it a success.