Part 2 strategic choices : innovation Flashcards
What is the innovation ?
Innovation involves the conversion of new knowledge into a new product process or service and the putting of this new product, process or service into actual commercial use.
Innovation dilemmas
What is the technology push?.
technology push : new knowledge created by technologists or scientist pushes the innovation process
Innovation dilemmas
What is the market pull ?
Market pull : pull of users in the market that is responsible for innovation.
Innovation dilemmas
What is product innovation ?
Product innovation relates to the final product to be sold especially with regard to its features.
Innovation dilemmas
What is process innovation ?
Process innovation relates to the way in which a product is produced and distributed, especially with regard to improvements in cost or reliability
What is the implication of product/process innovation model ?
New developing industries = product innovation
Maturing industries = process innovation
Innovation dilemmas
what is the closed innovation ?
Traditional approach relying in own internal resources.
Innovation is secretive anxious to protect intellectual property and avoid competitors free-riding on their ideas.
Innovation dilemmas
What is the open innovation ?
Deliberate import and export of knowledge by an organization in order to accelerate and enhance its innovation.
What is the innovation diffusion ?
diffusion is the process by which innovations spread among users. this can vary with respect to both speed and extent
Where the first-mover advantage ?
exist where an organisation is better off than its competitors as a result of being first to market with a new product, process or service.
What is a disruptive innovation ?
Creates substantial growth by offering a new performance trajectory that even if initially inferior to the performance of existing technologies has the potential to become markedly superior.
