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Invention is the process of discovering a principle which allows a technical advance in a particular field that results in a novel/new product.

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the business of putting an invention in the marketplace and making it a success; making an invention useful and successfully entering it into the marketplace.

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Inventive ideas often arise because existing technology or design proves to be unsatisfactory in some way

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A legal term used for intangible property such as creations of the mind such as inventions used in a commercial setting
IP is protected by law
This include inventions, designs, art, music, literature, etc.

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An agreement from a government office to give someone the right to make or sell a new invention for a certain number of years.

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A trademark is a symbol, word, or words legally registered or established by use as representing a company or product.

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A trademark used to identify a service rather than a product.

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A legal right that grants the creator of an original work exclusive ownership for its use and distribution. Usually for a limited time and within geographical boundaries, copyright allows the creator to receive compensation for their intellectual effort.

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A new or improved product that meets the needs of consumers and sustains manufacturers.

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A product or type of technology that challenges existing companies to ignore or embrace technical change

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An improvement in the organization and/or method of manufacture that often leads to reduced costs or benefits to consumers.

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Diffusion is  the wide acceptance and sale of a product or innovation.

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The “eureka moment”, a sudden image of a potential solution is formed in the mind, usually after a period of thinking about a problem.

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A solution to a problem in one field is adapted for solving a problem in another field.

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An idea from one context is used to stimulate ideas for solving a problem in another context.

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Technological advances that form the basis of new designs may be applied to the development of different types of products/systems, for example, laser technology.

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An unexpected discovery leads to a new idea.

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Scientific research leads to advances in technology that underpin new ideas.
This is where the driving force for a new design emerges from a technological development.

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A new idea is needed as a result of demand from the marketplace.

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A tool for mapping out the four stages of a product’s commercial life: Launch; Growth; Maturity; Decline.

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Slow sales and little profit as the product is launched on the market.

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The market gradually accepts the product, so diffusion starts and sales expand.

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The maturity stage occurs after the introduction and growth stages. The maturity stage is the longest stage of the product life cycle. In this stage, sales growth begins to decline; the company reaches the highest point in the demand cycle; and advertising strategies have minimal impact on sales growth..

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A decline is a fall or descent and, in the product life cycle, the decline stage represents similar behavior for products. The decline stage in the product life cycle is when a product dissolves as a result of decreased or negative growth.
A harvest strategy is typically employed toward the end of a product's life cycle when it is determined that further investment will no longer boost product revenue.

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Product obsolescence refers to the time and state in which a piece of technology or product ceases to be useful, productive or compatible. Product obsolescence may occur when a company stops producing, marketing or supporting a sold or developed product.

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Planned obsolescence, or built-in obsolescence, in industrial design and economics is a policy of planning or designing a product with an artificially limited useful life, so that it becomes obsolete after a certain period of time

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Fashions and trends change over time, which can result in a product no longer being desirable. However, as evidenced by the concept of retro styling and the cyclic nature of fashion, products can become desirable again.

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Over time, products wear out and break down. If parts are no longer available, the product can no longer work in the way it originally did. Also, if a service vital to its functioning is no longer available, it can become obsolete.

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When a new technology supersedes an existing technology, the existing technology quickly falls out of use and is no longer incorporated into new products. Consumers instead opt for the newer, more efficient technology in their products.

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Product Versioning is  offering a range of products based on a core or initial product market segments.
A company can maintain a pioneering strategy and consistent revenue flow by introducing new versions or generations of a product to a market. Apple uses this strategy effectively, creating multiple versions and generations of their iPod®, iPhone® and iPad® products.

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An inventor is a person who creates or discovers a new method, form, device or other useful means that becomes known as an invention. The word inventor comes from the Latin verb invenire, invent-, to find.

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An individual working outside or inside an 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.

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The entrepreneur is an influential individual who can take an invention to market, often by financing the development, production and diffusion of a product into the marketplace.

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The product champion is an influential individual, usually working within an organization, who develops enthusiasm for a particular idea or invention and “champions” it within the organization.

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Relative advantage – is the  “the degree to which the innovation is perceived as better than the idea it supersedes. Relative advantage refers to the extent to which the innovation is more productive, efficient, costs less, or improves in some other manner upon existing practices”

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Complexity (simplicity) – is “the degree to which the innovation is perceived as difficult to understand and use”.

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Compatibility – is ‘the degree to which the innovation is perceived as being consistent with existing values, past experiences, and needs of potential adopters.  An innovation must be considered socially acceptable to be implemented. And some innovations require much time and discussion before they become socially acceptable’.

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Trialability – is “the degree to which the innovation may be experimented with on a limited basis. Innovations are easier to adopt if they can be tried out in part, on a temporary basis, or easily dispensed with after trial”.

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Observability – is “the degree to which the results of the innovation are visible to others. The chances of adoption are greater if folks can easily observe relative advantages of the new technology. In fact, after some adopt, observability can improve the diffusion effect, a critical component of technology transfer”.

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Innovators (risk takers) – are the first individuals to adopt an innovation. They are willing to take risks.

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Early adopters (hedgers) – are the second fastest category to adopt an innovation.

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Early majority (waiters) – the third group, tends to take more time to consider adopting new innovations and is inclined to draw from feedback from early adopters before taking the risk of purchasing new products/systems.

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Late majority (skeptics) – adopts the innovation after it has been established in the marketplace and is seldom willing to take risks with new innovation.

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Laggards (slow pokes) – are the last to adopt an innovation. They tend to prefer traditions and are unwilling to take risks.

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A particular group of consumers at which a product or service is aimed.

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A target audience is the intended audience or readership of a publication, advertisement, or other message. In marketing and advertising, it is a particular group of consumers within the predetermined target market, identified as the targets or recipients for a particular advertisement or message.

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Shelved technologies. Is technology that is shelved for various reasons. Sometimes shelved technologies will be rediscovered or taken off the shelf