L3

Question 1

What is open innovation and why to use it?

Answer 1

Def: Open innovation is the process a company employs to externally search for. . . research, innovation, new technologies, and products.

WHY:
- to externally acquire technologies that they lack;
regulatory approval, and launch (e.g. pharma - drugs);
- access R&D carried out globally, so that it will complement the knowhow it develops internally.
- outsource a substantial amount of new product research due to the enormous costs of discovery, development,
- Importing new ideas multiplies innovation building blocks

+ a firm could spin off his own innovation, by selling outright to a willing buyer, offering it under license and raise cash (+ signals the true worth of an innovation)

Question 2

What do we mean by consumer insights?

Answer 2

Def: Consumer insights is a non-obvious understanding about your customers, which if acted upon, has the potential to change their behaviour for mutual benefit.

We are different, and all the single individuals preferences cannot be transferred to the general market.

E.g. cola zero is bought by people with diabetes, weight watchers, keto diet “users”.

Question 3

How can we find out what consumers want (4 steps)?

And what are the 6 methods to approach people?

Answer 3

Problem Analysis Procedure

1) Determine the appropriate product or activity category for exploration (ref. PIC)
2) Identify a group of heavy product users (and maybe non users)
3) Gather from these heavy users a set of problems associated with the category - What do they want and what do they get (gap analyses).
4) Sort and rank problems according to importance

Methods:
\+ interviews;
\+ focus groups;
\+ observations;
\+ online sources;
\+ ask experts;
\+ scenarios (ask to think 10 years ahead or ask to rate my scenario)

Question 4

How can we structure consumer insights (4 categories)?

Answer 4

Quotes & defining words.
Actions & behaviours.
Thoughts & beliefs.
Feelings & emotions.

Question 5

With whom firm can collaborate during open innovation (4)?

Answer 5

Competitors: maybe they have superior technology or they can help with some problems.

Government and public agencies, universities and research institutes.

Customers’ customers, end customers, 1st level customers and distributors.

3rd, 2nd, 1st tier suppliers and partnerships.