1. Issues in Innovation Management

Question 1

innovation

Answer 1

profitable implementation of ideas

Question 2

key issues in innovation management

Answer 2

financial issue: balancing investments + return in a strategic timeline

industry issue: dif levels of communication with the market

demand issue: dif evolution of tastes, needs…

convergence issue: blurred lines among industries

competitive issue: access to info, solutions can be often compared in an accessible way

Question 3

cons of innovation

Answer 3

disturbs operations + logistics

costly

risky

does not ensure long term competitive advantage

Question 4

critical success factors for innovation process design

Answer 4

innovation strategy

organizational structure + environment

process + project management

design + engineering tools

supporting technologies

Question 5

design driven innovation

Answer 5

adding new meanings

Question 6

types of innovation

Answer 6

product (sugar substitute, shape…)

process (RFID in healthcare, safety + traceability in eggs)

service (ATM app, social media trucks)

value (birkin bag)

business model (virtual stores)

market (new markets: eg McDonalds)

Question 7

main factors pushing for innovation

Answer 7

financial tension

evolving demand

hyper competition

lean firms

Question 8

example of product + service innovation

Answer 8

Adidas innovation center in Paris

• analyze customer’s foot and chooses most suitable design
• use product configurators to customize shoes

Question 9

why should companies innovate?

Answer 9

create value

gain competitive advantage

grow