GE ELEC (Innovation) Flashcards
3 business model innovation
- industry Model Innovation
- Revenue Model
- Enterprise Model
is often also viewed as the application of better solutions that meet new requirements, unarticulated needs, or existing market needs.
Innovation
moving into new industries. Rendering existing ones and or create entirely new value chains.
industry model innovation
is the art of enhancing advantage and value creation by making simultaneous—and mutually supportive—changes both to an organization ’ s value proposition to customers and to its underlying operating model.
Business model innovation
is when companies implement new processes, ideas, services, or products with the goal of boosting the bottom line
Business innovation
new value propositions and pricing models
revenue model
changing the extended enterprise to be more integraded or specialized and transforming networks with employees,suppliers, customers etc
enterprise model
improvements and/or changes to an organization ‘ s framework for generating revenue, a goal also encompassed in the term, business model innovation
REVENUE MODEL INNOVATION
This model of business innovation requires organization to identify which of their processes, products or services could be improved to boost the company ’ s profitability. Innovation in this case could refer to forming new partnerships, outsourcing specific tasks or implementing new technologies.
Business model innovation
- If increasing profits is the main driver for business innovation, many organization may choose to change their revenue model as a first port-of-call
REVENUE MODEL INNOVATION
This can involve re-assessing the products or services offered or taking another look at the company ’ s pricing strategy. Innovation does not
have to be radical, sometimes changing even one element can yield significant results
REVENUE MODEL INNOVATION
this is where you create a new industry, move into a new industry or redefine the Value Chain
INDUSTRY MODEL INNOVATION
Arguably the most radical model of business innovation, ambitious organizations can choose to change industry completely for the purposes of innovation - or even create a whole new industry for themselves. Indeed, companies can win a new lease of life through industry innovation
INDUSTRY MODEL INNOVATION
are material (tangible) objects that have been designed by people and developed through technological practice to serve particular functions
Technological products
are material objects that have been designed by people and developed through technological practice to serve particular functions. In every technological product there is a crucial relationship between the (chemical) composition and structure of the materials used and their performance properties
Technological products
Developing and using devices and systems to promote health and cure illnesses.
Medical Technology
Using systems and processes to put structures on the sites where they will be used.
Construction Technology
Developing and using devices and systems and processes to convert materials into products in a factory.
Manufacturing Technology
Developing and using devices and systems to convert, transmit, or process energy.
Energy and Power Technology
Developing and using devices and systems to plant, grow, and harvest crops.
Agriculture and Bio-Technology
Developing and using devices and systems to move people and cargo from an origin point to a destination.
Transportation Technology
Developing and using devices and systems to gather, process, share information, and to share ideas
Information and Communication Technology
is similar to scientific investigation. Both processes rely on evidence and reason, and follow a logical sequence of steps to solve problems or answer questions.
Technological design
refers to creations of the mind. It can be an invention (patent / utility model), a design (industrial design), a brand name (trademark, or a literary and artistic work (copyright)
Intellectual property
