Introduction to innovation management
11 important questions on Introduction to innovation management
What are the cultural mechanisms for exploitation, according to R.D. Ireland & J.W. Webb (2007) ?
* Short-term goals: the duration between incremental innovation is much less than for radical innovations. The ability to meet short-term milestones determines a firm's exploitation success.
* Commitment to focus: research consistently shows that early moving firms outperform late movers. This success depends on employees' willingness to focus on their exploitation activities and allowing others in the firm to explore novel initiatives.
According to S.D. Anthony (2012), new conditions have been created in which big companies stop shackling innovation and start unleashing it. Three trends are behind this shift, which ones?
* The increasing ease and decreasing cost of innovation mean that start-ups now face the same short-term pressures that have constrained innovation at large companies.
* Large companies, taking a page from start-up strategy, are embracing open innovation and less hierarchical management and are integrating entrepreneurial behaviours with their existing capabilities.
* Although innovation has historically been product- and service-oriented, it increasingly involves creating business models that tap big companies’ unique strengths.
What are the roles of corporate catalyst, according to S.D. Anthony (2012)?
- Higher grades + faster learning
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What was the goal of Baragheh, Rowley & Sambrook's (2009) paper?
What is the overal definition of innovation according to Baragheh, Rowley & Sambrook's (2009) paper?
Though the current definition of innovation, it can change over time.
What is innovation? (powerpoint)
The process of innovation frequently requires the development of new competences or the new combination of existing competences
Innovation = invention + commercialization
What different types of innovations do you have (powerpoint)?
Process innovation: new production or delivery process
Marketing innovation: new marketing method
Organizational innovation: new organizational processes or procedures
What are some misconceptions about innovation? (powerpoint)
“Innovation is only for large companies”
“Innovation is only for small companies”
“Innovation is only for large companies”
“The innovation process cannot be managed”
What are four factors that drive innovation? (powerpoint)
1.decreasing product life cycles
2.increasing global trade
3.rapid distribution of information and education
4.reduced cost of entry into markets and industries
What happens if you stop investing in new products? (powerpoint)
•first, 7 yearsdecrease in profits
•then, a complete fall in profits
Companies that went back to product development after those 7 years, with 3 times as much effort as beforeneeded app. 25 years to regaintheiroriginalprofit level
Read these facts about creating new products (powerpoint)
–28% of the growth in 700 companies derives from products that were introduced in the last 5 years
Marketing Science Institute (1990)
–25% of current sales derives from products that were introduced in the last 3 years
50% of the products in the store today were not there 5 years ago
1960-2000:
–in the car industry 4 times as many models are required just to maintain market share
ALSO IMPORTANT:
Each year, about 250,000 products are launched globally. Of which, 85%-95% fail...
The question on the page originate from the summary of the following study material:
- A unique study and practice tool
- Never study anything twice again
- Get the grades you hope for
- 100% sure, 100% understanding
