Module 2 Flashcards

1
Q

Who are the main sources of new ideas?

A
  • consumers
  • existing companies/markets
  • distribution channels
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2
Q

What are the methods of generating ideas?

A

-brainstorming
-focus groups
-problem inventory analysis
-desk research
-

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3
Q

What are some approaches to innovating?

A
  • identifying/ creating new opportunities
  • new ways of serving existing markets
  • growing new markets
  • rethinking services
  • meeting social needs
  • improving operations
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4
Q

What are the dimensions of innovation?

A

Product
Process
Position
Paradigm

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5
Q

How can a business innovate in relation to product?

A

either change what it offers slightly or radically

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6
Q

How can a business innovate in relation to position?

A

when a product or service is introduced and the dynamics of the market subsequently changes

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7
Q

How can a business innovate in relation to paradigm?

A

most extreme

reinvents the way of thinking or the way of doing things

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8
Q

What are the two main types of innovation?

A

Knowledge push

Need pull

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9
Q

What are the other types of innovation part from knowledge push and need pull?

A

-due to regulation
-recombinant
copycat
-crisis driven
mass customisation
user led innovation

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10
Q

What kind of environment is often found in the public sector?

A
  • risk averse
  • bureaucratic
  • slow moving
  • blame oriented
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11
Q

What are the four search spaces?

A
  • operational organisation (solely operations)
  • organisational transformations (product, tech used, market, leadership etc)
  • reframe
  • co-evolve (complex factors not in the control of the business)
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12
Q

What is a corporate spin off?

A

new company formed of an existing one

large company distributes shares in the new company to existing shareholders

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13
Q

What are the advantages to spin offs?

A
  • separate different business concepts
  • leadership more effective, have their own expertise, focus on managing own operations
  • business risk decreased by keeping them separate
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14
Q

What are the potential disadvantages of spin off?

A

leadership may be diluted and resources may have to be spread out

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