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BA Part 2 > Module 7: Innovation > Flashcards

Module 7: Innovation Flashcards

1
Q

What are the main sources of new ideas?

A

Consumers
Existing companies/market
Distribution channels

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2
Q

What are methods of generating ideas?

A

Brainstorming
Focus groups- moderator leads
Problem inventory analysis- may be by a FG, overcome problems
Desk Research

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3
Q

Approaches to innovating?

A 
Identifying or creating 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 ways a business can innovate?

A

Novelty factor- product
Novelty factor-process
Complexity
Timing
Legal protection of intellectual property
Changing the rules
Offering an existing product/service to a new market

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5
Q

What is the strategic advantage of novelty factor- product?

A

No-one else can give

First of its kind

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6
Q

What is the strategic advantage of novelty factor-process

A

Produced in such a way competitor can’t match

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7
Q

What is the strategic advantage of complexity?

A

Complex nature so can’t easily be copied

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8
Q

What is the strategic advantage of timing?

A

First to market allows to gain significant market share
May encounter more problems
May be easier to follow others and learn from their mistakes

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9
Q

What is the strategic advantage of legal protection of intellectual property?

A

Licensing product/service

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10
Q

What is the strategic advantage of changing the rules?

A

Can alienate the competition

Changes the way things are done

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11
Q

What is the strategic advantage of offering an existing product/service to a new market?

A

Changes the application context of the offering

e.g. Lucozade energy not illness

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12
Q

What are the 4 dimensions/P’s of innovation?

A

Product- on offer
Process- way created and delivered
Position- to market introduced to
Paradigm

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13
Q

What is the paradigm?

A

Changes to the fundamentals of how and why a business operates in a certain way

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14
Q

What is incremental vs radical innovation?

A

Incremental: step at a time
Radical: completely re-thinking product/complete change to existing market

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15
Q

What is knowledge push innovation?

A

R and D or a knowledge breakthrough drives the launch of a new product
Technical issues and problems within range of existing products
Scientific/Tech knowledge

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16
Q

What is need pull innovation?

A

Market demand for a solution to a problem triggers R and D

17
Q

What are other types of innovation?

A 
Innovation due to regulation
Recombinant innovation
Copycat innovation
Crisis driven innovation
Mass customisation
User-led innovation
18
Q

What is innovation due to regulation?

A

Laws/regs can springboard new innovations

May also cause counter-innovation where a solution is designed to avoid regulation

19
Q

What is recombinant innovation?

A

Successful idea in a new market

Individuals from existing areas of expertise to come together

20
Q

What is mass customisation?

A

Make more unique which can lead to innovation

21
Q

What is user led innovation?

A

Innovation by immediate users such as consumers or user firms rather than manufacturers

22
Q

What is social innovation?

A

Innovate to generate social value rather than solely profits

23
Q

Differences between social innovation and commercial innovation?

A

Social enterprises address social issues and objectives reflect this
Charitable organisations must have purposes which are charitable and must operate for public benefits
Gov bodies promote interests of public

24
Q

Intense public and political scrutiny can create an environment for innovation that is?

A

Risk adverse
Bureaucratic
Slow moving
Blame orientated

25
Q

What is sustainability-led innovation?

A

Creation of new products/processes or adaption of existing which are driven by social, environmental or sustainability issues

26
Q

What are the 4 search spaces (strategies) which a business can implement to actively search for innovation?

A

Operational optimisation
Organisational transformation
Reframe
Co-evolve

27
Q

What is operational optimism?

A

Opportunity to innovate by improving an organisation’s operational processes

28
Q

What is organisational transformation?

A

Opportunity to innovate by transforming a company’s product, technologies used, market or leadership

29
Q

What is reframing?

A

Finding an opportunity to innovate by reframing problems and increasing imagination

30
Q

What is co-evolving?

A

Finding a opportunity to innovate by analysing and understanding a number of complex factors that are often not in direct control of the business

31
Q

What is a spin off?

A

New company formed out of an existing business
Generally driven by a new innovation or technology
Can be a result of company restructure

32
Q

Advantages of spin-off companies include?

A

Allows the business to separate different business concepts
Leadership may be more effective if each has own expertise and can focus on own
Business risk diversified

33
Q

Disadvantages of spin offs?

A

Leadership may be diluted

Resources may have to be spread out

34
Q

What should be considered when investing in R and D?

A

Technical and business opportunities
Feasibility
Technologies

35
Q

Advantages for a small business in investing in R and D?

A 
USP/Competitive edge
Income
Funding
Tax benefit 
Reputation
36
Q

What are technology hubs?

A

Start ups perform better if huddled together in a hub

Physical proximity offers many benefits e.g. cheap office space and easier networking opportunities

37
Q

Definition of a technology hub?

A

Office, suburb or city which has developed to allow tech start ups to flourish

BA Part 2 (11 decks)

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