Positioning and Planning for Successful Innovation Flashcards
What is the Goffin and Mitchell model for innovation?
‘Innovation and strategy’ and ‘people and organisation’ throughout the innovation process.
What can you gain from innovation?
Gain a competitive advantage through a new product or process.
What are the basic 3 points to forming an innovation strategy?
- Understand yourself and the market you’re in.
- Make choices to formulate strategy.
- Move forward and be agile in your environment.
What is Johnson, Scholes & Whittington’s definition of strategy?
How an organisation orientates itself through configuration of resources in a changing environment to meet market needs and please stakeholders.
What are the 5 questions you should propose when formulating a strategy?
- What is our goal?
- What is our environment?
- How will we win?
- What do we need to succeed?
- What do we need to maintain a competitive advantage?
Give an example of a company that chose an environment to succeed:
Intuit was made for larger companies but SMEs had few alternatives. Intuit introduced ‘Quicken’ designed for SMEs and sold 6x more products.
Give a way to analyse your environment?
Porter’s Five Forces: Rivalry, supplier power, buyer power, barriers to enter, threat of substitutes.
What were Porter’s two methods to win?
Differentiation and lower costs.
Describe the chart for Porter’s methods and give examples:
Broad Market + Low Costs = Cost Leadership (Aldi/Lidl).
Narrow Market + Low Costs = Cost Focus (Market).
Broad Market + Differentiation = Differentation Leadership (Waitrose).
Narrow Market + Differentiation = Differentiation Focus (Boutique Whisky Shop).
What are the macro-problems a company may face?
PESTLE
What are the micro-problems a company may face?
Stakeholders(suppliers, customers, competitors, intermediaries etc.)
What are the internal problems a company may face?
Marketing and sales, production, personnel, R&D
Perform a PESTLE analysis for Convert Tech. on the healthcare market:
Check powerpoint
