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ICAS TC BA > Module 2 Innovation > Flashcards

Module 2 Innovation Flashcards

1
Q

Sources of New Ideas

A
  • Consumers
  • Existing companies / market
  • Distribution channels
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2
Q

Methods of Generating Ideas

A
  • Brainstorming
  • Focus groups
  • Problem inventory analysis
  • Desk Research
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3
Q

Dimensions for innovation

(The four P’s)

A
  • Product
  • Process
  • Position
  • Paradigm
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4
Q

Strategies to actively search for innovation

(Search spaces)

A
  • Operational optimisation
  • Organisational transformation
  • Reframe
  • Co-evolve
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5
Q

Offering a product no one else can

A

Novelty factor – product

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6
Q

Offering a product which is produced in such a way that competitors cannot match

A

Novelty factor –
process

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7
Q

ComplexityOffering a product to the market which is of a complex nature

A

Complexit

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8
Q

Being the first into a market

A

Timing

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9
Q

Licensing a product to obtain a strategic advantage

A

Legal protection of
intellectual property

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10
Q

Offering a product or service which completely changes the way things are done

A

Changing the rules

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11
Q

Lucozade was rebranded in the 1980s as an energy drink as opposed to something sold in pharmacies for illness.

What is the innovation?

A

Offering an existing
product to new market

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12
Q

Knowledge push

A

R&D drives the launch of a new product

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13
Q

Need pull

A

Market demand for a solution to a problem

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14
Q

Innovation due to regulation

A

Laws can springboard new innovations

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15
Q

Recombinant innovation

A
  • Inspiration may come from an existing product
  • OR bring individuals from exsiting expertise together
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16
Q

Crisis-driven innovation

A

innovation can be driven by a crisis occurring

17
Q

Mass customisation

A

Customers want customisation of products to make them more unique

18
Q

User-led innovation

A

Innovation by users such as consumers or user firms

19
Q

Environment for innovation under public/political scrutiny

A
  • risk-averse
  • bureaucratic
  • slow-moving
  • blame-oriented
20
Q

Advantages of R&D

A
  • Unique selling point
  • Income
  • Funding
  • Tax Benifits
  • Reputation
21
Q

Corporate spin-off

A
  • New company which is formed out of an existing business
  • Distribute shares in the new company to existing owners of the large company
22
Q

Advantages of spin-off companies

A
  • Separate different business concepts
  • Leadership more effective, each company has its own expertise
  • Risk is decreased

ICAS TC BA (16 decks)

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