Chapter 1: 10 Types Of Innovations Flashcards
Profit Model Innovation
How you make money
Network Innovation
How you connect with others to create value
Structure Innovation
How you organize and align your talent and assets
Process Innovation
How you use signature or superior methods to conduct business
Product Performance Innovation
How you develop distinguishing features and functionality
Product System Innovation
How you create complementary products and services
Service Innovation
How you support and amplify the value of your offerings
Channel Innovation
How you deliver your offerings to customers and users
Brand Innovation
How you represent your offerings and business
Customer Engagement Innovation
How you foster compelling interactions
Simple Innovations
Use of 1 or 2 types of innovations
Sophisticated Innovations
Use of multiple types of Innovations (3+)
Profit Model Innovation Example
Netflix ”Subscription model”
Network Innovation Example
Target working with renowned external designers to differentiate from competition
Structure Innovation Example
Whole Foods ”robust feedback system for internal teams”
Process Innovation Example
Zara’s ”fast fashion strategy”
Product Performance Innovation Example
Pampers ”first to introduce disposable diaper technology, continuing to innovate for over 50 years”
Product System Innovation Example
Gillette ”Venus for Women with complementary products such as shaving cream, disposable shaving utencils”
Service Innovation Example
Coolblue’s ”Obsession for customer satisfaction. SLOGAN ‘Alles voor een glimlach’ ”
Channel Innovation Example
Nespresso ”Members only club”
Brand Innovation Example
Virgin ”brand extension into different markets ranging from soft drinks to space travel”
Customer Engagement Innovation Example
Wii’s ”Experience based usage, with focus more on interaction than on-screen”
Which innovation, when correctly executed, allows a company to capitalise it’s own strengths while harnessing the capabilities and assets of others?
Network Innovation
Open Innovation
Companies utilise each other’s resources and technologies, also sharing risks and rewards with each other
Special Sauce
Non-replicable innovations
To what Innovation does ”Special Sauce” refer to?
Process Innovation
Which innovation, when correctly executed, allows a company to build ecosystems that captivate and delight customers and defend against competitors?
Product System Innovations
Which Innovation type involves entirely new products as well as updates and line extensions?
Product Performance Innovation
Which innovation, when correctly executed, allows a company to create valuable connections between otherwise distinct and disparate offerings?
Product System Innovation
Which innovation, when correctly executed, allows a company to elevate ”bland” products into compelling experiences that create returning customers?
Service Innovation
Which innovation, when correctly executed, enhances utility, performance and apparent value of an offering?
Service Innovation
Which innovation, when correctly executed, reveals features and functionality consumers might otherwise overlook?
Service Innovation
Which innovation, when correctly executed, creates distinct brand identity that consumers recognise?
Brand Innovation
Which innovation, when correctly executed, allows a company to make consumers daily lives more memorable/fullfilling/delightful?
Customer Engagement Innovation
Which Innovations are considered Configuration Innovations?
Profit Model Innovation, Network Innovation, Structure Innovation, Process Innovation
Are Configuration Innovations considered internal or external?
Internal
Which Innovations are considered Offering Innovations?
Product Performance Innovation, Product System Innovation
Are Offering Innovations considered internal or external?
Mix of both Internal and External
Which Innovations are considered Experience Innovations?
Service Innovation, Channel Innovation, Brand Innovation, Customer Engagement Innovation
Are Experience Innovation considered internal or external?
External
