Innovation

Question 1

Innovation

Answer 1

An iterative process initiated by the perception of a new market and/or new service opportunity for a technologically based invention which leads to development, production, and marketing tasks striving for the commercial success of the invention (OECD)

Innovation= invention + commercialisation

Question 2

Types of innovation

Answer 2

Product/process/position/paradigm (object)

Radical/incremental(novelty)

• radical innovation is doing something different
• incremental innovation is doing what we do but better

Disruptive/Sustaining (Market)
- A disruptive innovation is an innovation that creates a new market and eventually disrupts an existing market, displacing established market leaders and alliances

Question 3

4ps of innovation

Answer 3

Paradigm innovation- changes in the underlying mental models which shape what the organisation does

Process - changes in the ways in which product and services are created or delivered

Product-changes in product/services

Position -changes in the context in which the products/services are framed and communicated

Question 4

Market pull and knowledge push

Answer 4

When the current market conditions creates the need for a new good/service (smoking ban and beer duty makes pubs offer BandB

Question 5

Managing innovation

Answer 5

A company cannot rely on accidents to innovate

Innovation needs to be organised and managed to enable the renewal of any organisation

Question 6

Managing innovation 2

Answer 6

A managed innovation process

Strategic alignment (engaging the senior management team,organisation and key external stakeholders )

Industry foresight- (understanding emerging trends)

Consumer/customer insight -(understanding needs)

Core technologies - leveraging and extending internal assets and resources

Organisational readiness- cultural,process and structural readiness

Disciplined implantation - companies capacity for effective implementation