Innovation Flashcards
What are the 4 different roles of the marketer in driving innovation?
Nurturing talent
Managing creativity (if individuals and groups feel their ideas are valued and recognised, they are more likely to bring future ideas to the table)
Building relationships (strong working relationship can help to boost creativity and encourage an individual or team to be more forthcoming with their ideas)
Encouraging A Culture of Innovation (highlighting what significant cultural changes need to be made in company to help innovation become a more regular and natural occurrence)
How do you identify an innovative organisation?
- An active flow of new ideas
Promotion and modelling of risk-taking.
Competitive-Collaboration.
Proud of where we are, but know we have a way to go.
The focus on sharing.
Relationships, relationships, relationships.
What does a person have to do to be an innovative leader?
- Set clear organisational direction and purpose
*Not afraid to take risk or fail - Inspire loyalty and collaboration by involving all employees appropriately
- Promote and stay true to the specific strengths, culture, values, beliefs and strategy of the organisation
- Inspire enthusiasm, belief, commitment and excitement
- Ensure that everyone feels that they are part of something bigger than what they see everyday
- Communicate and share information and progress, regularly and transparently
- Motivate others to stretch themselves and to experiment effectively with new ideas
- Generate the right environment for innovation to thrive
What structures can be used to implement innovation?
Innovation units
Think tank
Innovation boards
Innovation project groups
Open innovation
What is an innovation unit?
for many larger organisations there can be a reluctance to apply selected funding to innovation which can be seen as non-serious, risky and a distraction. In these cases it is often easier to create discrete innovation units that operate independently of the main organisation. These units may have independent operating rules, targets, culture and structure that are more sharply focused on innovation. By setting them up ‘outside’ the organisation they can operate with some degree of autonomy but still within the ultimate control of the parent
What is an internal venture system?
Internal venture units are designed to foster entrepreneurship within a company. They create a startup-like environment that encourages experimentation and risk-taking while operating within the company’s existing structure and leveraging its assets to build, validate, and scale new ventures.
What is an innovation board?
This group is usually composed of the CEO and other senior executives. They define innovation priorities, implement innovation culture, allocate sufficient resources, and make important decisions regarding innovation within the company.
What are innovation project groups?
Innovation teams are built for the purpose of advancing and discovering new ideas or ways of doing things that will improve the company’s output (product, service, experience, etc).
What are think tanks?
Think tanks can also be referred to as think factories or policy institutes. The work of all think tanks includes conducting scholarly research, creating a space for debate, generating ideas, monitoring public policy and providing intellectual resources to the public.
What is open innovation?
it is unlikely that even the best resourced R&D departments will be able to come up with all the best innovations, so it may be useful in some situations to create an open innovation network focused on R&D that brings together a range of partners with different skills into a collaborative environment where solutions can be developed and tested. These efforts can often bring together external ideas that can only be realised with specific internal resources and competencies to realise the
innovation.
What is innovation?
Innovation is thinking creatively about, or building on, something that already exists (e.g. the Kindle/Nook is an innovation on the paper book, Spotify is an innovation on the jukebox).
Innovation is, therefore, based on making something better in order to meet new requirements or needs, rather than creating something that is completely new.
What is disruptive innovation?
A disruptive innovation is one that helps create a new market and value network by disrupting an existing market and value network usually by displacing a necessary technology. The term is commonly used to describe innovations that improve a product or service in a manner that the market does not expect, often by either focusing on a different set of consumers in a new market or by lowering prices in the existing market.
What 4 characteristics will disruptive innovation have?
High rate of technological change (3D Printing, wireless devices)
Extensive scale level of impact
Potential for significant economic impact
Potential for significant social impact
What is a sustaining innovation?
In contrast to disruptive innovation, a sustaining innovation does not require the creation of new markets or value networks. It focuses more on the evolution of existing structures by injecting more and better value into them. A sustaining innovation is one that tends to perpetuate the current dimensions of performance – for example, Intel developing faster and faster chip speed based on its previous understanding and technology structures.
Why is New service product development essential?
- Meet the changing needs of customers or to meet existing needs more fully
- Respond to environmental changes (both opportunities and threats)
- Maintain or develop a competitive advantage
- Balance the product portfolio by ensuring a flow of new products to replace those in decline
- Differentiate or improve existing products to extend the maturity phase.
- Extend/diversify the portfolio to cross-sell, offer complementary products or services or to target new market segments.
