Summary: Innovation Management - Flash Cards In Chapters

Read the summary and the most important questions on Innovation Management - Flash cards in chapters

• 1 Introduction to Innovation Management

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• Where can innovation happen in product and process respectively?

  • Product Innovations:
  • - In Goods
  • - In Services
  • Process Innovations:
  • - Technological
  • - Organizational

• 1.1 Innovation Management Models

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• How could the stage-gate-process look like from idea to commercialisation?

  Stage 1: Preliminary assessment
  Stage 2: Definition
  Stage 3: Development
  Stage 4: Validation
  Stage 5: Commercialisation

• How could the stage-gate-process look like from an interdisciplinary approach?

  
  Mission statement Phase 1: Concept development
  Phase 2: System-level design
  Phase 3: Detail design
  Phase 4: Testing and refinement
  Phase 5: Production ramp-up
  Product launch

• What is the first step in design thinking in the fourth generation innovation model and what does it involve?

  • Empathize with the audience
  • Learn through observation and interviews
  • Who is my user? What matters to this person?

• What happens in the prototype phase of design thinking?

  • Prototype
  • - Build a representation
  • - For one or more ideas
  • - A prototype is a rough draft

• What is the purpose of the testing phase in design thinking of the fourth generation innovation model?

  • Test
  • - Share your prototype
  • - Get original user feedback
  • - Understand what worked and what didn't

• 1.3 10 types of innovation

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• Where has value been created in the 10 types of innovation in the past 10 years?

  Mostly in finance, secondly process, last is offering 

• 2 Innovation from a customer perspective

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• What is the mean forecast error?

  53% - 58% according to studies

• What is the average ratio between actual sales and forecasted sales?

  0.79 in the first year
  0.6 in the second year 
  0.51 in the third year 
  0.46 in the fourth year 
  0.41 in the fifth year 

• Is a good forecast critical? How many new products fail and how many reach the 20MM and 100 MM mark?

  80% of all new products fail, 4% reach 20MM mark, 0.1% reach the 100MM mark