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Innovation Test 1 > Innovation Management + Strategy > Flashcards

Innovation Management + Strategy Flashcards

1
Q

What is innovation management?

A

Developing tools to plan and manage costs to reduce uncertainty (risk) over time

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2
Q

What are the 6 stages of Stage Gate?

A
  1. Discovery - Idea Screen
  2. Scoping - Screen
  3. Business Case - Go to Development
  4. Development - Go to testing + validation
  5. Testing + validation - Go to launch
  6. Launch - Post launch review
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3
Q

What are the gates associated with each stage?

  1. Discovery
  2. Scoping
  3. Business Case
  4. Development
  5. Testing + validation
  6. Launch
A
  1. Discovery - Idea Screen
  2. Scoping - Screen
  3. Business Case - Go to Development
  4. Development - Go to testing + validation
  5. Testing + validation - Go to launch
  6. Launch - Post launch review
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4
Q

What kind of stage-gate is required for each kind of product:

  1. New product
  2. Product Extension
  3. Alterations
A
  1. New product - full
  2. Extension - express
  3. Alterations - lite
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5
Q

What are the 4 pros to using Stage Gate?

A
  • Adds discipline and structure
  • Quality decision making
  • Adaptive to organisation
  • Transparent
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6
Q

What are the 2 cons to using Stage Gate?

A
  • Rigid, lengthly + costly when not understood

- Can reduce creativity

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7
Q

What is a Sprint when using the Agile approach?

A

A time boxed work effort where a small amount of a project is executed with high focus

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8
Q

What is a Scrum when using the Agile approach?

A

A daily meeting between team members

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9
Q

Define product backlog.

A

The functionality required - each is a sprint

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10
Q

Who are the three components of an Agile approach?

A
  1. Team members
  2. Team leader (Scrum master)
  3. Owner (stakeholder interests)
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11
Q

Whate are the 4 pros of Agile?

A
  • Fast
  • Light control and transparent
  • Iterative
  • Adaptive
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12
Q

What are the 3 cons of Agile?

A
  • Highly dependant on consumer feedback, can cause scope creep
  • Can take several sprints to achieve a goal if tasks not well defined
  • Requires trust in team
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13
Q

What are the 4 critical elements to Innovation Culture?

A
  1. Risk (is it okay to take risks)
  2. Freedom
  3. Engagement
  4. Learning (from failure)
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14
Q

Define Innovation Strategy

A

Planning to reach goals using stepping stones tailored to the organization.
Requires goals, direction and framework

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15
Q

In relation to starting a strategy, define:

  1. Purpose
  2. Where
  3. How
  4. What
  5. Management
A
  1. Purpose - goal
  2. Where - Target market and products
  3. How - How will you win/stand out
  4. What - resources needed
  5. Management - structure to be used
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16
Q

What are the 6 elements of strategy?

A
  1. Goals
  2. Where is the focus
  3. Attack and entry strategy
  4. Deployment - priorities
  5. Road map - major initiatives and developments
  6. Tactical decisions - how do you select projects
17
Q

What are the 4 attack strategies?

A

Prospectors - 1st to market
Analysers - fast followers
Defenders - maintain niche
Reactor innovate when threatened

18
Q

What are the 4 entry strategies (components to look at)?

A

Newness of market
Technology required
Capabilities of company and staff
Internal development

19
Q

What should you look at when auditing a company?

A 
Revenue from new products
Success/Fail/Kill Rates
Slip-rate
Budget
Climate and culture - management style

Innovation Test 1 (4 decks)

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