Product design and the product life cycle

Overview

Invention and innovation, patents, good product design balancing appearance, function and cost, the four stages of the product life cycle, and extension strategies for a mature product.

What you need to know

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Questions from this subtopic

Each one with the model answer underneath.

1. 1

   What is the difference between invention and innovation?

   Model answer

   Invention is creating a completely new product or process for the first time. Innovation is turning an idea into a successful product or improving an existing one.

2. 2

   Why can innovation give a business a competitive advantage?

   Model answer

   An innovative product offers something rivals do not, giving customers a reason to switch. The business can often charge a higher price until competitors catch up.

3. 3

   Why is invention risky for a business?

   Model answer

   Invention needs heavy spending on research and development. Many new ideas never reach the market, so the money can be lost.

4. 4

   How does a patent protect an inventor?

   Model answer

   A patent gives an inventor the legal right to stop others copying an invention for up to 20 years.

5. 5

   What does product design cover?

   Model answer

   Product design covers how a product looks, how it works and how much it costs to make.

6. 6

   State three features of a good product design.

   Model answer

   A good design is attractive to customers, works reliably and can be made at a cost that allows a profit.

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