purpose Flashcards
Types of Purpose
Deep Purpose, Purpose as Win-Win, Purpose on the periphery, purpose as disguise
Deep purpose
deep commitment to both economic and social benefits; “practical realism”
Purpose as Win-win
Where economic and social benefits intersect (and only when they intersect)
Purpose on the periphery
“Doing good” is kept separate from the core business (“doing well”)
ESG
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.
incremental innovation
Also referred to as sustaining innovation; involves making small-scale improvements to existing products, services, processes, and business models.
disruptive innovation
Occurs when a new product or service, drawing on new technology, engages the existing market.
product innovation
The development of a new product, an improvement in the performance of the existing product, or a new feature to an existing product.
process innovation
The implementation of a new or significantly improved production or delivery method.
service innovation
introducing services that are new or substantially improved
business model innovation
Creating, adapting, or fundamentally changing the way a company delivers value to its customers and/or generates revenue
SCAMPER technique
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.
Design thinking
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.
Example: Lego
“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.”
Wicked problems
Space junk and trillions of pounds garbage
open innovation
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
private branding
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
generic branding
Product with no branding information attached to it except a description of its contents.
manufacturer branding
Branding strategy in which a manufacturer sells one or more products under its own brand names.
multi-product branding
Selling many products under one brand name.
multi-branding
Assigning different brand names to products covering different segments of the market.
