IB Design Technology HL - Topic 9 (Innovation & Markets)

A product from a known source (organization). The name of the organization can also serve as a brand.

Where a person has a favourite supplier and prefers to buy products from them rather than from other suppliers.

A pricing strategy where a product is positioned in the market based on the price of similar products. The company will position the product by pricing it lower, similar or higher than similar products.

A form of self-regulation for a company that centres on the development of goals related to three areas: economic; social; and environmental.

A pricing strategy where a company will add a percentage to the total costs incurred for a product (production, design, distribution etc.)

A pricing strategy where a company will set the price based on the demand for the product.

The study and interpretation of the political, economic, social and technological events and trends that influence a business, industry or market.

The reliance on the knowledge and skills of an expert in the operation of the product.

Developing products that are similar to an existing new product.

The use of consumer reports, newspaper, magazines, encyclopaedias, manufacturers information, etc. to conduct research.

Finding new applications for existing products, thereby opening up new markets.

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

The systematic gathering of data about individuals or organisations using statistical analysis and techniques to support decision making.

A broad way of categorizing the kinds of market the company is aiming for.

Markets divide into smaller segments where the purchasers have similar characteristics and tastes.

Four factors identified through market research that provide the designer with an accurate brief of market requirements. The 4 Ps: Product; Place; Price; and Promotion.

A tool to quickly compare a product to others in the market in a graphical representation.

Being first to market with a new innovation.

The creation of new, modified or updated products aimed mainly at a company's existing customers.

Increasing sales from new products or markets.

A group of products having common classification criteria. Members normally have many common parts and assemblies.

Where the different products from the same product range are positioned at different price points.

The process of setting uniform characteristics for a particular product, system or service.

The ways that can be used to communicate information about a product or system to consumers and other interested parties.

Where a product is priced to give the impression that it is paying less. For example, pricing at €1.99 instead of €2.

An intellectual property mark that protects a product's appearance. This refers to the features of the product's shape, configuration, pattern or ornamentation which is new and distinctive.

Obtaining users' responses through questionnaires/surveys and interviews.

The observation of people using a product and collection of comments from people who have used a product.