Summary: Innovation Management | 9780230205826 | Keith Goffin, et al

Read the summary and the most important questions on Innovation Management | 9780230205826 | Keith Goffin and Rick Mitchell.

• 1 Key aspects of innovation management

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• 1.2.1 Technological advances

• Explain the driver 'Technological advances'.

  With the vast array of technological developments, even multinational companies that used to conduct all their own basic research cannot keep abreast of all the developments, using internal resources alone.
  
  Organizations need to monitor the progress of both the technologies they currently use and also that of potential substitutes.

• Technological Advances is a driver towards Open Innovation. What is Open Innovation?

  The sourcing of ideas and technology across organization boundaries.

• 1.2.2 Changing customers & needs

• Explain the driver 'Changing Customers and Needs'.

  Changing customers means that traditional market sagments are disappearing or fragmenting and companies will need to adjust their product ranges accordingly.
  
  As basic needs are met, there is an additional challenge to innovation - determining customers' hidden needs. 

• 1.2.3 Intensified competition

• Explain the driver 'Intensified Competition'.

  Logistics costs have plummeted and, consequently, 'safe, home markets' are being threatened by foreign competition. Companies may also face competition from sources normally outside their industries.

• 1.2.4 Changing business environment

• Explain the driver 'Changing Business Environment'.

  Gradually markets have become more open as the market economy has been embraced by most governments and through the efforts of trade groupings.
  
  The regulations affecting specific markets are being relaxed in many Western countries.
  
  A continued focus on efficiency gains will bring only diminishing returns and cost-reduction myopia needs to be replaced by a focus on increasing revenues and profits through new products and services.

• 1.2.5 Responding to the environment - Strategic intent

• Responding to the Environment - Strategic Intent

  How an organization chooses to respond to them depends on Strategic Intent: the aims of the key stakeholders, including senior management.
  
  Innovation management is multifaceted.

• 1.3.1 Definitions of innovation

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• What is the definition of innovation developed by Everett Rogers?

  Innovation is an idea, practice, or object that is perceived as new by the individual or other unit of adoption.

• What is the definition of innovation developed by the OECD?

  Innovation consists of all those scientific, technical, commercial and financial steps necessary for the successful development and new or improved processes or equipment or the introduction of a new approach to a social service. R&D is only one of these steps.

• 1.3.2 Dimensions of innovation

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• Name several dimensions of innovation. (Industry)

  1. Product Innovation
  2. Service Innovation
  3. Manufacturing Process Innovation
  4. Business Process Innovation
  5. Business Model Innovation

• 1.3.3 Dimensions of innovation in services

• Name five dimensions of innovation. (Services)

  1. New Insurence Policies
  2. Customer Profiling
  3. Use of 3rd Parties
  4. Channels
  5. New Services