Digital Innovation and Strategy

Question 1

What is Digital Innovation/

Answer 1

Use of technology to improve existing business processes and workforce efficency, enhance customer experience etc.

Question 2

Give examples of the newest forms of digital innovation.

Answer 2

• wearable devices
• chat bots
• AI

Question 3

What is technology push innovation?

Answer 3

• driven by research and technology
• qualified as offering quality to be developed as successful market offering

Question 4

What is market pull innovation?

Answer 4

• driven by observed need, problem, opportunity in a market

Question 5

Give an example of market pull innovation,

Answer 5

Snapchat addressed need of implementing photos that disappear

Question 6

What is vertical market innovation?

Answer 6

• addresses industry specific problems
• energy, education, retail healthcare

Question 7

Give an example of vertical market innovation

Answer 7

AR offering - learn about anatomy w/ out cutting open body

Question 8

What is horizontal innovation?

Answer 8

• addresses needs of many industries
• includes techonlogies such as cloud authentication services that provide technical platform for range offerings

Question 9

Give an example of horizontal innovation.

Answer 9

Apple Pay, google wallet

Question 10

What is product innovation?

Answer 10

• brings change in the way things are created, performed or delivered

Question 11

Give an example of product innovation.

Answer 11

Secure online payments

Question 12

What is paradigm innovation?

Answer 12

• brings about change through underlying mental model about how one thing is dome

Question 13

Give an example of paradigm innovation.

Answer 13

Software applications

Question 14

Define the innovation process.

Answer 14

Process through which a new product, technique, useful service is obtained from generation of new ideas and their development

Question 15

Ideas and their origin

Question 16

Association

Answer 16

Bringing together of previously unconnected ideas to solve a problem or open a new market

Question 17

Give an example of ‘association’

Answer 17

Phone - only to make calls
Cameras - only to take photographs
- Idea to “associate” these functions contributed to creation of iPhone

Question 18

Adaption/analogy

Answer 18

Adaption go existing solution for different purpose

Question 19

Example of adaption

Answer 19

Platforms such as Uber now underlie collaborative consumption

• consumers pay to access someone else’s goods or services

Question 20

Serendipity/chance

Answer 20

New idea arises by accident

Question 21

Give an example of serendipity

Answer 21

1945 - Percy Spencer worked with magnetrons
- melting chocolate when standing near one
- test - fault preventing current from passing to motherboard and ultimately chip - chip still working

Question 22

Exploitation of DIeas via product/service offering

Question 23

Why can an idea not be taken into market in its pure form?

Answer 23

Must be wrapped into product/service offering w/ associated business model

Question 24

What is the business models role?

Answer 24

Set of propositions, analyses, designs that embrace offering into new ,racket

Embodied in —> empowered by business structure

Question 25

Market Consumption of Offering

Answer 25

3rd phase - interpreting + handling market’s response to offering

Question 26

Positive consumption offering

Answer 26

BM = working, encourages more of the same

Question 27

Negative consumption offering