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
