exam 2 Flashcards
Factors that favor innovation
- greater control of the process and outcomes
- understanding of technology produced and how it applied
- ability to develop next generation technology
- have profit potential as a first mover
Factors that discourage innovation
- time required for internal development
- the risk of failure to have the right product developed at the right time
- keeping a pipeline on new products
Three types of product innovations in R&D process
- creation research and development of the product
- new product development
- system integration
Planning
define planning in your own words
Five key characteristics of planning
o determined vision
o set a mission
o establish goals and objectives
o set a strategy
o take specific tactics and actions so that the goals can be achieved
Three broad areas managers should aid in for the innovation planning process
o creativity
o organization wide issues
o political process
Three tools ensure creativity of workers
o Adventuring
o confronting
o portfolio of skills
Implementation
o starting to get things done
Key questions in implementation
o what should we be doing, and what can we do later?
o what are the time and/or specialized skills required for the prioritized activities
o what should be delegated and to whom?
Four critical issues related to implementation
o Leaderships
o Engagement
o Extension
o alignment
Leadership
o creating a supportive environment
o create mechanisms for innovation
o allocate resources
Engagement
o inertia
o fear
o complacency (status quo)
Extension
o knowledge sharing within the organization
o monitoring competencies
o looking for new opportunities
Alignment
o build fit (groups in system are on the same page)
o tie rewards to achievement of goals (reward system to encourage employees to take risks)
o organizations structure
Benchmarking
o occurs when an organization compares itself to the best and makes changes to improve areas in which it is not performing up to par
Leapfrogging
o cell phones were able to leapfrog over the use of land- line telephones
Evaluation vs. control
o evaluation and control test whether the organization s goals are being met and if not, making changes necessary to achieve the goals or amend the goals.
Why are these two processes (of evaluation and control) important to innovation?
o Evaluation and control are important to innovation because it allows for the company to evaluate their progress on their innovation process and see how they are doing and control how they are going to use it to achieve their goals.
Questions associated with evaluation
o where are we now in comparison with where we want to be?
o what lies ahead that can affect us either positively or negatively?
o where will we end up if we continue on this path?
Gap analysis
o seeks to identify the gaps before major problems arise
Three types of control
o financial
o strategic
o cultural
