Invention vs Innovation
In your opinion, what was the most important Canadian product ever invented? Why?
According to CBC…. Honourable Mentions – Instant Mash Potatoes – Paint Roller – Lacrosse – Snow blower – Walkie-Talkie – Basketball – Blackberry – Ski-doo
According to CBC… Top 10 Canadian inventions: 10.Poutine 9.Electric Wheelchair 8.Zipper 7.Robertson screwdriver 6.Pacemaker
The Top 5 5.Wonderbra 4.Five pin bowling 3. Light bulb 2.Telephone 1.Insulin
Product Development Market Research Consumer Wants Business Opportunity Businesses will decide whether or not they can provide a product/service to satisfy their customers’ wants/needs
Unit 5 Product Development Two important questions: 1.Can our business produce it? Design & Make 2.Can our business sell it? Advertise & Move Product
Unit 5 Product Development The production and design team answers whether or not the product can be produced based on information gathered during research by the marketing department. – Technology – Facilities – Costs to Design
Product Development The marketing department is also vital to the process – The will answer the questions “Can we sell it?” There are many things that will go into this process – Continue Research – Price – Competition – Design Features – Placement – Promotion Possibilities
Product Development The marketing team will work with the product design team in deciding exactly how they will create the product/service to satisfy the customer need There are 2 possible ways to do this – Invention – Innovation
11Unit 5 Product Development Invention is the creation of a completely new product, method, or device. Businesses use inventions to create original solutions to meet consumer needs. Innovation is the change of an existing product to use new technology, items or processes.
12Unit 5 Product Development There are more innovators than inventors. Innovators look at ways to improve on existing products, methods or devices.