L2 - Technology and Innovation Strategy - Part I Flashcards
Syllabus 1. Innovation and economy 2. Strategic innovation management 3. Innovative thinking
What are the dimensions strategies in modern strategic management?
What are family firms and why are they important to the German economy?
- One or several families own collectively >50% of a firm and exert influence on its strategic course via the board or ownermanagement in a manner that is potentially sustainable across generations.
- 79% of all German inventions are made in family firms
What are hidden champions?
- Firms that are market leader on its continent or in the top 3 worldwide, that are not well-known in the public.
What is the hidden champion strategy?
Global specialized leadership
What does innovation mean?
What is innovation?
In businnes studies “innovation” describes the implementation of a new or significantly improved product (goods or services), process, a new marketing method, or a new organizational method.
What is the object of innovation?
How are the objects of innovation defined?
Product innovation: A product innovation is the introduction of a good or service that is new or significantly improved with respect to its characteristics or intended uses. This includes significant improvements in technical specifications, components and materials, incorporated software, user friendlyness or other functional characteristics.
Process innovation: A process innovation is the implementation of a new or significantly improved production or delivery method. This includes significant changes in techniques, equipment and/or software.
Marketing innovation: A marketing innovation is the implementation of a new marketing method involving significant changes in product design or packaging, product placement, product promotion or pricing.
Organizational innovation: An organizational innovation is the implementation of a new organizational method in the firm’s business practices, workplace organization or external relations.
What is a product innovation?
Product innovation: A product innovation is the introduction of a good or service that is new or significantly improved with respect to its characteristics or intended uses. This includes significant improvements in technical specifications, components and materials, incorporated software, user friendlyness or other functional characteristics.
What is a process innovation?
Process innovation: A process innovation is the implementation of a new or significantly improved production or delivery method. This includes significant changes in techniques, equipment and/or software.
What is a marketing innovation?
Marketing innovation: A marketing innovation is the implementation of a new marketing method involving significant changes in product design or packaging, product placement, product promotion or pricing.
What is an organizational innovation?
Organizational innovation: An organizational innovation is the implementation of a new organizational method in the firm’s business practices, workplace organization or external relations.
What are the types of innovation?
What are the differences between radical and incremental innovations?
What are the differences between disruptive and architectual innovations?
How does the lifecycle of an innovation normally look?
What is the trade-off involved with innovation?
Why do we need innovations?
Innovations are necessary to have competitive and demanded products
What is disruptive innovation?
What is the advantage of being first?
The first to introduce a new solution is the first to gather experiences with it. The experience curve visualizes this competitive advantage.
Is being the first wise?
How can we judge our innovation strategy?
How does the innovation strategy cluster look based on a technology portfolio?
How does openess affect technology attractiveness?
How does the degree of diffusion affect technology attractiveness?
What is the innovation adoption curve?
How are innovators and early adopters defined?
How are the early majority, late majority and laggards defined?
What is the gap between early adopters and early majority?
What is Cooper’s stage gate process?
What is stage gate process 1?
