9.2 Assessing Innovation Flashcards
Name the 2 types of innovation.
Product.
Process.
Define process innovation - including example.
The implementation of improved production or delivery methods.
E.g. introducing online orders.
What is product innovation - including example.
Improving design, materials, functionality and overall user experience.
E.g. making products wireless.
What are the advantages of being the first mover with innovation?
Added value.
USP.
Early customer loyalty and reputation as innovative company.
Why may a business implement product innovation?
Reduce costs.
Improve quality.
More responsive customer service.
Define invention.
Creating new ideas.
Define innovation.
Practical application of inventions into marketable products or services
What is the Kaizen method?
Continuous, regular, small improvements which create major change over time.
How may kaizen changes be decided on or implemented?
Small voluntary employee meetings.
What is benchmarking?
Identifying best practice used in production and comparing own organisation against this a competitor.
What are the 4 steps to benchmarking?
Understanding own existing process.
Analyse process of competitors.
Compare performance against others.
Implement changes to close gap.
What is customer orientated research and development?
Customer needs are identified and solutions are found.
What are the 2 types of research and development?
Customer and product orientated.
What is product orientated research and development.
A product is developed and a market is sought out afterwards.
What is intrapeneurship?
Enable employees to demonstrate entrepreneurial behaviour in work at the benefit of the employer.
What are the key features of intrapreneurship?
Risk by company.
Rewards go to company - possibly commission to employee.
Resources provided by company.
Ideas by employee.
What are the requirements for intrapreneurship to be successful?
Structured time.
Resources.
Reward systems.
Innovative culture.
Management support.
Name 2 real life successful examples of intrapreneurship.
Google - gmail.
Sony - PlayStation.
Why may intrapreneurship be unsuccessful for a business?
Short termism.
Inefficient reward systems.
Rules stifle the initiative.
Culture.
Define short-termism.
Only basing decisions off of the short term impacts.
Failing to see that despite possible financial implications in short term, there will be large benefits in the long term.
Name 2 ways of protecting intellectual property.
Patents.
Copyright.
What is the purpose of patents.
Protecting inventions by giving a time frame in which it cannot be copied.
What is copyright?
The protection of work such as writing, music, art and other creative outputs.
Not applied for, given automatically.
