Innovation Flashcards

Question

Complexity

Answer 1

A product that is EASY to understand will be chosen over competitors

Answer 2

Innovations that are easily observable are more likely to spread

Answer 3

Product should offer relative advantage over other alternatives

Answer 4

Growth Late majority Least: innovators

Answer 5

1. Innovators 2. Early adopters 3. Early majority 4. Late majority 5. Laggards

Answer 6

-R&D = innovators -Introduction = early adopters -Growth = early majority -Maturity = late majority -Decline = laggards

Answer 7

– Higher education/income levels – Socially active, use multiple information sources – Venturesome, favor taking risks – Enthusiastic about new tech products, even if there are a few bugs or inefficiencies

Answer 8

– Involved in product category (pay attention to the innovators to get ahead of the herd) – Concern for social acceptance, young and restless (do not want to wait for subsequent versions even if cheaper) – OPINION LEADERS : communicate benefits to the masses

Answer 9

– Deliberate decision making, seek incremental, predictable, reliable improvements to existing tech – Value shoppers, wait until certain of product’s benefits – Stick with the herd, have many informal social contacts

Answer 10

-More conservative, wary of progress, rely on tradition – Tend to adopt in reaction to peer pressure, emerging norms, or economic necessity – Generally fear high-tech products, prefer preassembled

Answer 11

– Slowest group to adopt, often resist innovation (important for marketers to understand WHY) – Neighbors and friends are information sources – Fewer resources, cannot afford to take risks on new ideas

Answer 12

Successful innovations must spread through the population and appeal to every consumer group e.g. more than 75% of people in the US, Argentina, Chile, South Africa, and many European countries use cell phones

Answer 13

the % of the population that has adopted an innovation at a specific point in time – While adoption reflects the behavior of an individual, diffusion reflects the behavior of the entire marketplace as a whole

Answer 14

the maximum proportion of consumers likely to adopt a product

Answer 15

Slow initial growth followed by a rapid increase in diffusion, them slows -Typical of major innovations -Greater perceived physical, economic, performance, social, or psychological risk -High switching costs

Answer 16

Rapid initial growth followed by increases at a slower pace -Fewer perceived risk -Consumers are similar in their beliefs/values, communicate throughout social network -Low switching cost

Answer 17

Although often applied to aesthetic or hedonic innovations, can also describe functional and symbolic innovations

Answer 18

1. Trickle-down 2. Trickle-up 3. Trickle-across

Answer 19

trends start among the upper class or fashion leaders and move down to the masses or fashion followers – World’s oldest and most accepted fashion theory (Veblen)

Answer 20

trends start among the young or lower income groups and move upward to older or higher income groups

Answer 21

fashion moves horizontally through groups at similar social levels – Look to members of our reference groups for inspiration

Answer 22

Introduction stages: 1. Innovation 2. Rise Acceptance stages: 3. Acceleration 4. General acceptance Regression stages: 5. Decline 6. Obsolescence

Answer 23

A successful innovation that has a very short PLC -Diffuses rapidly, quickly accepted, but short-lived -May experience a revival years after initial appearance - e.g. fidget spinners

Answer 24

a successful innovation that has a moderately long and potentially cyclical PLC e.g. clothing styles, shoes

Answer 25

a successful innovation that has a lengthy PLC e.g. jeans, burgers

Innovation Flashcards

(49 cards)