CHAP 2 Flashcards
something that involves developing, creating new concepts and new ideas that will be useful for the target customers
Innovation
Four types of innovation, it is also known as routine innovation happens on an incremental
basis, is often a response to customer and market demands or improvements in technology
Sustaining Innovation
an innovation that simplifies and makes more affordable products and services to undesirable or ignored markets.
Disruptive Innovation
innovation from inside a company that
pushes something to the next level.
Breakthrough Innovation
this type of innovation begins with the discovery of some new phenomenon. it is a process of conducting a study about a specific problem and finding out solutions that will
benefit companies and industries in lieu with innovation
Basic Research
What are the Principles of Sustainable Innovation ( A 10-step Program for Corporate Survival)
Inspire
NO Risk, NO Innovation
New product process
Ownership
Value Creation
Accountability
Training and Coaching
Idea Management
Observe and Measure
Net Result and Reward
In Innovation, there should be a leader who can inspire others.
Inspire
Most Technopreneurs are risk taker because they are innovating new products or services which they have no assurance if it will survive in the market.
NO Risk, NO Innovation
Innovation starts with a vision; an innovator should understand what they intend to develop for the benefit of their consumers and undergo with a structured process which includes idea generation, evaluation, prototyping, customer feedback and
success metrics.
New product process
The business leader has all the ownership on the new products and innovation in such a way that he/she generates the ideas and develop the appropriate business model.
Ownership
Once there is an innovation, those new products should have a value and will be served as a solution to real customer problems.
Value Creation
It is a standard that the team members and leaders have the full responsibility and obligations in the innovations.
Accountability
Proper hiring and staffing of the people in the organization is a must to make sure that they are cautious of their responsibility and right mindset to perceive the future innovations. Continuous coaching is necessary to maintain the attitude and spirit.
Training and Coaching
In building products and rendering quality services, the organization should value the presence of the customers and sales members in order to have a brainstorming of what will be the best for the company
Idea Management
It is a need to track the results if it is already an ideal Return of Investment.
Observe and Measure
If the company achieve their ROI, incentives for their employees is one way of motivation. There are several ways to motivate people aside form financial aspect such as recognition for a job well done.
Net Result and Reward
There are various creative presentation ideas that can be helpful to those who are presenting a proposal to a prospective client, presenting the output of your work and presenting to potential investor with a goal to inspire the audience.
Idea Presentations
If you are presenting, make sure that it is not only about the facts of your product or services but rather you can tell a story where they will be interested to listen and focus to
Storytelling Presentation
It will be more inspiring to try set some captivating tune that will help your presentation to stand out and in order to be remembered by prospective clients.
Musical Presentation
It is desirable to make presentations that will have both visuals and audio content to make it as a video
Video Presentation
this to make your audience or clients prone from reading slides word-for-word
Photo-Only Presentation
Giving them a part to play on the presentation and providing them with new initiative for the business.
Immersive Presentation
It is preferably advisable to ask questions to your audience in order for you to know if they are interested and make them involved in your presentation and you can have an idea if they understand your products or services to be offered
Question Presentation
Some clients would like to see and touch the
product for actual demonstration and they can even try using the product themselves which is the best way to promote
Demonstrative Presentation
A speaker with great humor will make the presentation livelier because the audience will become active in the discussion
Humorous presentation
You can film the product in a 3D style where the audience or your client can visualize the entire interface of the product
Animated Presentation
This not a techy presentation that you need computers because
you will use visual aids to make a creative presentation
Props Presentation
selecting the best ideas among the
list of different innovative process
Idea Selection
Five Steps of Decision-Making Process
Problem or Need Recognition
Information Research
Evaluation Alternatives
Selection Stage
Evaluation of Decision
What Step of Idea Selection that the ideas without potential have to be selected quickly using ABC Analysis
Step 1- Rough Selection
What Step of Idea Selection that the sifted ideas are further selected. Withe use of “dots gluing” method
Step 2- Fine Selection
What Step of Idea Selection that the ideas are qualitatively analyzed and evaluated on the basis of criteria
Step 3- Detailed Analysis
An innovative leader should conduct a________ to justify the needs of customers
Market Research and Validation
