3.9.2- Innovation

Question 1

What is innovation?

Answer 1

Putting a new idea or approach into action

Question 2

Examples of innovative businesses

Answer 2

Apple
Google
Uber
Disney
Amazon
Tesla

Question 3

What happened to Nokia and their mobile phone?

Answer 3

They were not innovative - went from market leader to no longe existing in market due to apple

Question 4

What is product innovation

Answer 4

Changing a product that already exists or developing an invention into a brand new product

Question 5

What are new products

Answer 5

New products that have not existed before- eg first digital camera

Question 6

What is process innovation

Answer 6

Changing a process of production that already exists or putting into practise a brand new production process

Question 6

What are new use for products

Answer 6

Only minor changes to its technical specifications eg whitening toothpaste

Question 7

Examples of a few top innovations of the last year or so?

Answer 7

Self-driving car
smart phone
internet
online shopping

Question 8

How did Dyson innovate

Answer 8

Instead of bags his machines- suck dust into a core.
Launched his first vacuum in 1993

Also make other products such as hair-drier

Question 9

Benefits of innovation

Answer 9

Improve product range
Increase sales
Set new trends

Question 10

Drawbacks of innovation

Answer 10

Expensive
Time consuming
risky

Question 11

Why does a business need to be innovative

Answer 11

Listening to customers and employees

Question 12

What is Kaizen

Answer 12

Continuous improvement
done in small groups

works if employees are appreciated and valued

Question 13

What is intrepreneurship

Answer 13

occurs when individuals within an organisation are being given the opportunity to generate their own ideas

Question 14

What are some examples of intrapreneruship

Answer 14

Post it notes- discovered the glue due to free time

Dreamworks- gave free classes for staff- then get to speak about ideas any good ideas implemented

Question 15

Why do businesses chose intrepreneurship

Answer 15

Helps facilitate growth
maintain/improve competitiveness
maintain/improve profitability
improve processes

Question 16

Negative of intrepreneurship

Answer 16

some people may be unproductive
eg google had 20% time lost in work

Question 17

How has google encouraged intrepreneurship

Answer 17

Spaces to staff to be creative or rest- eg massage rooms.

Motivates staff to create new things

eg gmail created from giving staff time for personal products

Question 18

What is benchmarking

Answer 18

When a business tries to match the approach and success of a particular process that is used by another organisation.

Question 19

How is benchmarking done

Answer 19

Continuous measuring and comparing of a businesses processes against another firm

Incorporate leading firms processes into own strategy to improve performance

Question 20

Why do businesses use benchmarking

Answer 20

Cost reduction
meeting quality standards
improving performance
meeting customer expectations

Question 21

What is research and development

Answer 21

work directed towards the innovation, introduction and improvement of products and processes

Question 22

Why is research and development important

Answer 22

An investment in technology and future capabilities which is transformed into new products, processes or services

Attracts new and retains existing customers

Enables trend matching

Helps to maintain, improve competitiveness

Question 23

Pressures for innovation

Answer 23

Competition- pressure from rivals

Political change- open up new geographical markets or may be law changes

Social change- new environmentally friendly approach

Economic change- may need lower cost solutions

Technological developments- New ways of doing business

Question 24

What is copyright

Answer 24

protection of written word