purpose

Question 1

Types of Purpose

Answer 1

Deep Purpose, Purpose as Win-Win, Purpose on the periphery, purpose as disguise

Question 2

Deep purpose

Answer 2

deep commitment to both economic and social benefits; “practical realism”

Question 3

Purpose as Win-win

Answer 3

Where economic and social benefits intersect (and only when they intersect)

Question 4

Purpose on the periphery

Answer 4

“Doing good” is kept separate from the core business (“doing well”)

Question 5

ESG

Answer 5

Environmental: climate change & carbon emissions, air and water pollution, biodiversity, deforestation, energy efficiency, waste management, water scarcity
Social: Customer satisfaction, data privacy, gender & diversity, employee engagement, community relations, human rights, labor standards
Governance: Board competition, Audit committee structure, bribery and corruption, executive compensation, lobbying, etc.

Question 6

incremental innovation

Answer 6

Also referred to as sustaining innovation; involves making small-scale improvements to existing products, services, processes, and business models.

Question 7

disruptive innovation

Answer 7

Occurs when a new product or service, drawing on new technology, engages the existing market.

Question 8

product innovation

Answer 8

The development of a new product, an improvement in the performance of the existing product, or a new feature to an existing product.

Question 9

process innovation

Answer 9

The implementation of a new or significantly improved production or delivery method.

Question 10

service innovation

Answer 10

introducing services that are new or substantially improved

Question 11

business model innovation

Answer 11

Creating, adapting, or fundamentally changing the way a company delivers value to its customers and/or generates revenue

Question 12

SCAMPER technique

Answer 12

A technique for creative brainstorming that draws on existing products, services, and business models. It involves substituting, combining, adapting, modifying, putting to other uses, eliminating, and/or rearranging.

Question 13

Design thinking

Answer 13

A technique for creative problem-solving that involves keeping the user at the center of everything and is focused around asking different questions and looking at problems in new ways. It involves empathizing, defining, ideating, prototyping, and testing.

Question 14

Example: Lego

Answer 14

“The LEGO Group invests in innovating core play themes as well as exploring new play patterns. Digitalization is influencing how children play and the LEGO Group has stepped up investments to understand the intersection between digital and physical play and create new products to meet these changing needs. R&D activities include developing new technologies to enable learning through play; trend spotting; anthropological studies; and collaborating with educational institutions to deepen our understanding of children’s development.”

Question 15

Wicked problems

Answer 15

Space junk and trillions of pounds garbage

Question 16

open innovation

Answer 16

consists of practices and processes that encourage the use of external as well as internal ideas as well as internal and external collaboration when conceiving, producing, and marketing new products and services

Question 17

private branding

Answer 17

a branding strategy used when a company manufactures products but sells them under the brand name of a wholesaler or retailer. Also called private labeling or reseller branding

Question 18

generic branding

Answer 18

Product with no branding information attached to it except a description of its contents.

Question 19

manufacturer branding

Answer 19

Branding strategy in which a manufacturer sells one or more products under its own brand names.

Question 20

multi-product branding

Answer 20

Selling many products under one brand name.

Question 21

multi-branding

Answer 21

Assigning different brand names to products covering different segments of the market.