MOOC Basic Innovation Management Principles Flashcards
1
Q
Innovation definition
A
Act of introducing a new device, method, or material for application to commercial or practical objectives
2
Q
Innovation management definition
A
How organisations and their employees manage their innovation activities
3
Q
Innovation management includes:
A
- Activity of formulating new innovation strategy
- Ensures that employees can be creative and come up with new ideas
- Actual execution of innovation projects
4
Q
Product, service and process innovation
A
Product - tangible product
Service - intangible
Process - innovation in way firm conducts activities
5
Q
Incremental innovations
A
Innovations just slightly different from solutions that already exist
6
Q
Radical innovations
A
New and very different from solutions that already exist
7
Q
Modular innovation
A
Changing a component without changing system configuration
8
Q
Architectural innovation
A
Change in system-wide configuration and how its components interact
