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Management > Chapter 2 + 6 - Innovation > Flashcards

Chapter 2 + 6 - Innovation Flashcards

1
Q

Innovation

A
  • Creative destruction
  • thinking outside the box
  • leaving the realms of know and stable —> the unknown and uncertain
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2
Q

Innovation objects

A
  • products innovation
  • process innovation
    Marketing innovation
    Organizational innovation
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3
Q

product innovation

A

indroduction of goods/services => new / significantly improved with respect to its chracteristics/ intended use

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4
Q

process innovation

A

implementation of new/ improved production/ delivery method => significant changes i. techniques, equipment and/ or software

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5
Q

marketing innovation

A

implementation of new marketing methods

=> significant changes im product design/ packaging, placement, promotion or pricing

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6
Q

organizational innovation

A

implementation of new organizational method in firm’s business practices, workplaces organization/ external relations

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7
Q

types of innovation

A

radical innovation
incremental innovation
disruptive innovation
architectural innovation

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8
Q

radical innovation

A

new technologies in new markets

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9
Q

incremental innovation

A

existing technologies in existing marktes

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10
Q

disruptive innovation

A

new technologies in existing markets

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11
Q

architectural innovation

A

existing technologies in new markets

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12
Q

first mover advantages

A 
defence by entry barriers via
- customer lock in (switching costs)
- knowledge advantage (patents, secrecy)
- experience curve advantage
potential pioneer monopolist profits
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13
Q

first mover disadvantages

A

high risk and high costs

  • competition against non-consumptiom
  • lock-in effects leading = high fixed costs
  • technological risks
  • imitation and knowledge leakage risks
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14
Q

follower advantage

A

lower technological risks
non consumption barrier already overcome
low need to allocate contribution margins to fixed expenditures from R&D + asset depreciation

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15
Q

openess

A

indicator for techinology’s future value creation potential:

  • compalilty with established technology
  • potential for future development
  • breadth of application possibilities
  • network effects
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16
Q

innovation’s technology stages

A
  • embryonic technology
  • pace maker technology
  • key technology
  • basic technology
17
Q

embryonic technology

A

laboratory stage => some limited commercial experimentation

  • high R+D investment needed
  • very high risk + difficult value assessment
  • very high differentiation potential
18
Q

pace maker technology

A

could become tomorrows key technology

  • no reliable technological standard + potential f. diffusion
  • latent potential f. high value but high risk
19
Q

key technology

A

provide competitive advantage

  • only used by major players
  • potential differentiation + competitive advantage
20
Q

basic technology

A

an organization must master to be an effective competitor

  • established standard in whole industry
  • no differentiation potential anymore
21
Q

adaptor categories

A
  1. innovators
  2. early adopters
  3. early majority
  4. late majority
  5. laggards
22
Q

attractiveness of technology depending on diffusion + differentiation

A

lower diffusion -> higher differentiation -> higher market potential -> higher attractiveness

23
Q

Technology

A

knowledge, facts, and abilities for solving technical problems
+
equipment and methods for the practical realization of (scientific) results

24
Q

Technology-Portfolio-Analysis

A
  • Illustration of current and future technology position possible
  • Evaluation along external (independent) and internal (dependent) criterion
  • Recommendations for actions concerning a company’s technology strategy
25
Q

Technology-Portfolio-Analysis steps

A
  1. Identification of technology
  2. Evaluation and positioning of a technology according to
    a) Evaluate a technology’s attractiveness
    b) firm’s (relative) resource strength (with regards to the respective technology)
  3. Deduction of norm strategies and recommendations for action
  4. Transformation of technology portfolio
26
Q

Tools for innovative thinking/ parallel thinking

A
  • reversed brainstorming
  • morphological matrix
  • parallel thinking tool: six thinking heads
27
Q

reverse brain storming

A
  • define topic + goal
  • reverse goal
  • classical brainstorming
  • reverse ideas
  • evaluate ideas => potential solution/ attributes of a solution
28
Q

morphological matrix

A
  1. attributes of examined object listed as matrix columns
  2. vary attributes in as many combinations as possible
  3. selecting one entry per column => creating of a new product ( modes. randomly/ focus on interesting combinations)
  4. evaluate combinations value generation (marketability=
29
Q

six thinking hats

A
  • white hat (paper) information, facts
  • green hat (growth) creativity {new ideas/ solutions}
  • black hat (the judge’s robe): caution
  • yellow hat (Sunshine) Logical positive
  • red hat ( attective) feelings
  • blue hat (Sky) overview
30
Q

advantages of six hats

A
  1. give direction + framing to parallel thinking
  2. shift from personal preference centrism => to thinking performance
  3. participants employ all modes of thinking + faster meetings
31
Q

Business model risk analysis

A

sensitivity analysis
scenario analysis
Monte Carlo simulation

32
Q

sensitivity analysis

A

one parameter varied - rest constant

+ impact of each parameter regarding NPV, Tornado Chart

33
Q

family firm

A

one/ several families hold collectively >50% of a firm + exert influence on its strategic course via the board / owner management => + sustainable across generations

34
Q

hidden champions

A
  • family
  • small (revenue < 5billion)
  • hidden
  • champion
35
Q

Technology-Portfolio-Analysis Aim

A

evaluation of applied, new/ emerging + old technologies to support strategic decisions
identification of investment needs

36
Q

scenario analysis

A

several parameters varied

+ comparisons of interesting/ feasible scenarios

37
Q

Monte Carlo simulation

A

all parameters varied simultaneously using probabililty distributions
+ risk profile, overview of all outcomes

Management (11 decks)

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