Enactment of Technological Innovation Strategy

Question 1

What is a Business Model?

Answer 1

Encapsulates the rationale of how an organization generates, delivers and captures value. Emerges from a viable business strategy

Question 2

What are the four characteristics of successful business models?

Answer 2

Effective, Efficient, Differentiated and Inimitable

Question 3

What does ‘Effective’ as a characteristic of successful Business Model mean?

Answer 3

Extent to which conversion from value creation to firm-specific returns is optimized

Question 4

What does ‘Efficient’ as a characteristic of successful Business Model mean?

Answer 4

Extent to which cost of conversion from value creation to firm-specific returns is low

Question 5

What does ‘Differentiated’ as a characteristic of successful Business Model mean?

Answer 5

Extent to which value system differs from those of immediate rivals

Question 6

What does ‘Inimitable’ as a characteristic of successful Business Model mean?

Answer 6

Extent to which value system is hard to replicate

Question 7

What is a ecosystem?

Answer 7

Dynamic structure comprising interconnected and mutually supportive parties which influence the system

Question 8

What are the 3 elements in Formulating an Ecosystem Strategy?

Answer 8

Assessing Initiative Risks, Interdependence Risks and Integration Risk

Question 9

What is ‘Initiative Risks’ ?

Answer 9

Extent to which innovations are delivered on budget, on time and according to specifications -> Is there sufficient value for money?

Question 10

What is ‘Interdependence Risks’ ?

Answer 10

Extent to which complementary innovations have been developed and deployed in the marketplace.
Whose projects must succeed before yours can?

Question 11

What is ‘Integration Risks’ ?

Answer 11

Who has to adopt the solution before the customer can?

Question 12

What are Platforms?

Answer 12

Technology enabling the derivation of products, services and processes that augment present or future innovation

Question 13

What 3 categories of Platforms exists?

Answer 13

Internal Platforms, Supply Chain Platforms and External Platforms

Question 14

What is ‘Internal Platforms’ ?

Answer 14

A firm, either working by itself or with suppliers, can build a family of related products or sets of new features, thus ultimately seeking to lower costs of production.

Question 15

What is ‘Supply Chain Platforms’ ?

Answer 15

A set of firms follow specific guidelines to supply intermediate products or components to the platform owner or the final product assembler

Question 16

What is ‘External Platforms’ ?

Answer 16

Products, services, or technologies developed by one or more firms, and which serve as foundations upon which a larger number of firms can build further complementary innovations and potentially generate network effects

Question 17

What 5 types of Platforms exists?

Answer 17

Product, Process, Customer, Brand and Global platforms

Question 18

What is a ‘Product Platform’ ?

Answer 18

Common and evolving structural elements from which a series of derivative products or services can be innovated, developed and deployed.

Question 19

What is a ‘Process Platform’ ?

Answer 19

Specific arrangements of business processes to deliver value-adding products or services  routines or systems

Question 20

What is a ‘Customer Platform’ ?

Answer 20

Customer segment from which to establish a point of entry to an untapped market  bundling, cross-selling, upselling and co-branding.

Question 21

What is a ‘Brand Platform’ ?

Answer 21

Conveys the central value proposition of products or services to achieve coherence and clarity in positioning

Question 22

What is a ‘Global Platform’ ?

Answer 22

Core standardized offering of a product or service globally

Question 23

What is Servitization?

Answer 23

To augment core products and services with supplementary services to generate alternate revenue streams

Question 24

What 4 types of Service Innovations exist?

Answer 24

Flexible Solutions, Controllable Convenience, Comfortable Gains and Respectful Access

Question 25

What is a ‘Flexible Service Innovation’ ?

Answer 25

Offers a new core benefit which can be consumed apart from where and when they are produced

Question 26

What is a ‘Controllable Service Innovation’ ?

Answer 26

Creates markets on the basis of new delivery benefits, that is providing value via offering a product or service, that before was not present or too time-consuming for the customer to find by own hand

Question 27

What is a ‘Comfortable Service Innovation’ ?

Answer 27

Offers a new core benefit consumed at time and place of production

Question 28

What is a ‘Respectfull Service Innovation’ ?

Answer 28

Offers a new delivery benefit and that the production and consumption of the service are inseparable

Question 29

What is wisdom of the crowd?

Answer 29

Collective intelligence from a group of people is, on average, more insightful than knowledge elicited from a single individual.

Question 30

How many types of online creative communities are there?

Answer 30

Crowds, Hives, Mobs and Swarms

Question 31

What is a ‘Crowd’, as an Online Creative Community?

Answer 31

Communities comprising large, organized groups who gather or are gathered together specifically to plan, manage, and/or complete tractable and well-defined projects

Question 32

What is ‘Hives’, as an Online Creative Community?

Answer 32

Communities whose members not only contribute to the community, but also produce innovations to respond to particular challenges or to meet specific project goals

Question 33

What is ‘Mobs’, as an Online Creative Community?

Answer 33

Communities whose members have a high concentration of innovation, but these contributions are geared towards communo-ludic spirit and lifestyle exchange

Question 34

What is ‘Swarms’, as an Online Creative Community?

Answer 34

Communities consisting of collections of often-multitudinous yet individualistically small contributions that occur as a part of natural or free-flowing cultural or communal practices