Process of innovation

Question 1

how often do products become a success?

Answer 1

1 in 7

Question 2

what are the 3 stages of the developmental funnel?

Answer 2

investigations, development and shipping

Question 3

What are the 6 stages of innovation?

Answer 3

1) oppourtunity identification
2) development of prototypes
3) design
4) market evaluation
5) product manufacture
6) launch

Question 4

What is the technology push?

Answer 4

when technology is the driver and it stems from a scientific discovery

Question 5

example of technology push?

Answer 5

Iridiums mobile phone system.. satellite

Question 6

What is demand pull?

Answer 6

when a market need is the pull

Question 7

example of demand pull?

Answer 7

Barbed Wire

cattle ranches spread across usa, alternative to wooden fencing needed.. wire is cheaper

Question 8

What does the integrated model show?

Answer 8

team work and communication importance

Question 9

what is open innovation?

Answer 9

a paradigm that assumes that firms should use external ideas as well as internal to enhance technology

Question 10

example of open innovation

Answer 10

proctor and gamble-magic clean eraser

their strategy is to outsource 50% of innovation

Question 11

Case study for innovation process?

Answer 11

M&S Chilled ready meals

• use small firms which makes it flexible
• experience of contracting with small firms
• networking model as they use small firms as suppliers which reduces the risk and adds variety into product lines