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BUSINESS > Innovation > Flashcards

Innovation Flashcards

1
Q

What forms can innovation come in

A

new ideas, products and processes

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2
Q

what is product innovation

A

making new goods/services or improving existing ones e.g car manufacturers are constantly innovating new features to put on their latest models

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3
Q

what is process innovaiton

A

putting in place new or improved production and delivery methods e.g in 2007, Amazon Prime was launched in the UK

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4
Q

What is the financial benefit of being innovative

A

Businesses can initially charge higher prices for innovative products and services before their competitors bring similar products to market

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5
Q

why is being innovative beneficial for a businesses reputation

A

if they’ve been the first to launch exciting new products in the past, people will naturally be interested in their future product

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6
Q

What can innovation add value to

A

existing products and services

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7
Q

what can being innovative give the ability to take advantage of

A

economies of scope

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8
Q

what are the financial issues with innovation

A

it is a very costly and time-consuming process - businesses risk running out of money if they invest too much into R&D and don’t get the products to market quickly enough

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9
Q

what can businesses end up doing with innovation

A

they can end up wasting resources by developing something customers don’t want e.g New Coke

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10
Q

what is there no guarantee for with innovation

A

a return on investment

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11
Q

what did business risk with innovation

A

ruining their reputation if the innovative product is of poor quality

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12
Q

how does innovation affect finance

A

R&D for innovative products are expensive, so the finance department might need to raise extra working capital to pay for it.

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13
Q

how does innovation affect operations

A

innovation in production methods might mean that the operations department has to set some of its budget aside to spend on expensive machinery. They will also need to organise training for employees to get them up to speed with the new methods

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14
Q

how does innovation affect marketing

A

the amount of market research a company does is increased when researching a new idea - the risks and costs are high, so they need to be sure customers want or need the product.

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15
Q

what requires a change due to innovation

A

the marketing mix e.g there might be a different pricing strategy for an innovative product (usually skimming). Promotional activity increases too - there’s often a lot of PR activity when a new product is launched

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16
Q

how does innovation affect human resources

A

innovation can mean there’s a change in staffing needs - if a company suddenly decides to focus heavily on R&D they might need more skilled staff. HR also needs to make sure that the business has the right culture for innovation to thrive

17
Q

what culture would make innovation difficult

A

in a culture where staff are scared of the consequences of failing, workers are unlikely to want to take risks

18
Q

how could HR encourage innovation

A

they could reward people who try new things.

19
Q

what are the six stages of NPD

A

idea - analysis and screening - development - value analysis - test marketing - launch

20
Q

what can be a continuous form of innovation

A

kaizen

21
Q

why can kaizen be seen as innovation

A

over a long period of time, these small kaizen changes can add up and lead to innovation

22
Q

how can kaizen create a working environment in which innovation can thrive

A

it gives workers control over decision making, with them encouraged to ask questions over decisions.

23
Q

what are the benefits of using kaizen to encourage innovation

A

the benefits of using kaizen to drive innovation are that the company doesn’t have to spend lots of time and money on research and development, and the processes become more efficient all the time.

24
Q

what are the drawbacks of using kaizen for innovation

A

the kaizen approach won’t lead to innovative new products as workers arent really encouraged to think about the wants and needs of the customers.

25
Q

what is intrapreunership

A

when employees within a business are ecnouraged to solve a problem by coming up with innovative new ideas

26
Q

what do businesses allow intrapreneurs to do

A

take risks and experiment with lots of different ideas until they find the most productive and effective way to complete a task - their solution can then be implemented across the whole department or company

27
Q

what is an advantage of intrapreneurship

A

it is done alongside the individual’s regular role, so the company isn’t wasting money employing someone just to try new things. Even if the intrapreneur doesn’t find a solution to the problem, they will still have produced some work along the way.

28
Q

what is an exaple of intrapreunershp

A

Google allows its workers time to be creative and work on personal projects - one of the biggest successes to come out of this is Gmail.

29
Q

what is benchmarking

A

the study of other businesses with excellent quality standards and aims to innovate the same methods

30
Q

what are benchmarking groups

A

where firms agree to share information about their way of doing things

31
Q

what is internal benchmarketing

A

when businesses study activities inefficient departments and use what they learn to innovate processes in other departments

32
Q

what is an example of benchmarking across industries

A

in 2010, Tesco introduced click and collect to their UK supermarkets. This was benchmarking of the popular drive-through service offered by a fast-food restaurant.

33
Q

How does benchmarking help staff

A

it motivates them. It’s more encouraging to introduce a process or a product that you’ve already seen working successfully somewhere else than it is to introduce something unknown

34
Q

what is a downside to benchmarking

A

it won’t directly lead to new products - competitors’ products are likely to be protected by a patent or copyright and you need to be careful what ideas you take from them

35
Q

what is an additional benefit to benchmarking

A

it provides early warnings to businesses about technology or methods that might allow their competitors to overtake them

36
Q

what is the issue of cultures and benchmarking

A

processes cant always be transferred between different corporate cultures - what works for one company might not be suitable for another company with a different culture.

37
Q

what is a patent

A

if you have a new invention, you can apply for a patent from the patent office. No one else can copy it unless you give them a license and you can charge for the license

38
Q

what is the issue with very specific patents

A

they are very easy for competitors to tweak the invention and get around the protection that a patent offers.

BUSINESS (25 decks)

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