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.
4.
3.
2.
1.
Wonderbra
Five pin bowling
Light bulb
Telephone
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
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
Unit 5
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
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–
–
–
–
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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
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.
11
Unit 5
Product Development
• There are more innovators than inventors.
• Innovators look at ways to improve on existing
products, methods or devices.
12
Unit 5