PE1 Types Of Innovation Flashcards
10 types of innovation
Profit model
Network
Structure
Process
Product performance
Product system
Service
Channel
Brand
Customer engagement
10 types of innovation: offering
Product performance
Product system
10 types of innovation: configuration
Profit model
Network
Structure
Process
10 types of innovation: experience
Service
Channel
Brand
Customer engagement
Profit model
How you make money
Example: Netflix subscription
Network
How you connect with others to create value
Open innovation
Companies utilize eachothers resources and tech also sharing risks and rewards with eachother
Structure
How you organise and align your talent and assets
Process
How you use signature or superior methods to do your work
Ex. JIT production
Product performance
How you develop distinguishing features and functionality
Product system
How you create complimentary products and services
Service
How you support and amplify the value of your offerings
Channel
How you deliver your products and services to customers
Brand
How you represent offerings and business
Customer engagement
How you foster compelling interactions
Simple innovations
Use of 1 or 2 types of innovation
Simple innovations: characteristics
Too many firms do only simple innovation
Not enough for long term success
Sophisticated innovation
Uses many types of innovation
Sophisticated innovation: characteristics
More difficult
Most likely to delight customers and confound competitors
