Lecture 2+3 Flashcards
(29 cards)
What are the 3 steps of innovation strategy?
- strategic analysis, what could we do?
- strategic selection, what are we going to do and why?
- strategic implementation, how are we going to make it happen?
What are the 4 dimensions for innovation? (4P’s)
- product
- process
- position
- paradigm
What is path dependency?
That some moves are not realistic to make because they don’t fit the ‘path’
What are 2 examples of postures?
- mover
- fast follower
What is important with a strategic vision? Why is that important for leaders and employees?
- That everyone alines with it so the vision can truly be implemented
- Leaders create the strategy but the employees have to execute it in smaller projects
What are the 3 key components of innovation strategy according to dynamic capability?
- competitive and national position
- technological paths
- organizational and managerial processes
What is the core role in innovation management?
appropriately adapting, integrating and reconfiguring internal and external organizational skills, resources and functional competencies towards a changing environment
What is the main challenge with creating a sustainable competitive advantage?
making the uniqueness and core competencies of the firm the source
What does VRIN mean?
- valuable
- rare
- inimitable
- non-substitutable
What does resource-based view mean?
that competitive advantage is drive by VRIN because the resources are heterogeneous
What does dynamic capabilities mean?
the capacity of an organization to purposefully create, extend, or modify its resource base
What are the 3 steps to identify capabilities?
- identifying the key attributes of the most successful products and services
- mapping these attributes to the resources or competencies of the organization
- assessing the potential for sustaining, protecting and exploiting these resources
What are the 3 conditions for a sustainable competitive advantage?
- clear difference from competitors
- that difference is a direct consequence of a capability gap between the producer and competitors
- both are expected to endure
What are the 4 types of resource capability?
- regulatory (legal entities)
- positional (reputation)
- business system
- organizational characteristics
What are the 2 factors that depend if a firm successfully uses their capabilities?
- the capacity to transform them into viable products/services
- the capacity to defend that from competitors
What are the 9 factors which influence the commercial succes of the capabilities?
- secrecy
- accumulated tacit knowledge
- lead times and after-sales service (protection against imitation)
- learning curve (low cost high knowledge)
- complementary assets
- product complexity
- standards (acceptance)
- pioneering radical new product
- strength of patent protection
What are inducements and participants?
- payment, job satisfaction
- labour, ideas
What is the difference between mi and bt on inducements and job alternatives?
- mi= only loan, bt= multiple inducements
- mi= alternatives are well known work at the highest payment, bt= aspiration level move when to far away form inducements
What is the firm’s goal?
satisfice not most profitable
What does coalition of participants mean?
each participant has their own goals, have to work together but there could be a difference in bargaining power
What is organizational slack?
the difference between total resources and total payments necessary to preserve the coalition
What is bounded rationality?
We are not able to compare everything correct. This is because of biases and we try to make fast decisions with heuristics.
What are the 4 strategies in decision making?
- debiasing
- nudging
- encouraging dissent
- routines (checklist)
