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Innovation & Business Performance > Revision - Thynum Sir > Flashcards

Revision - Thynum Sir Flashcards

1
Q

According to Locke and Latham, explain three characteristics a goal should have. (10 marks)

A

Complexity
Challenging
Clarity
Commitment
Feedback

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2
Q

Analyse the benefits of measuring performance in an organisation

A

Organization: better control and accountability
Managers: clear targets and team responsibility
Employees: personal accountability and linked to appraisal and bonus
Stakeholders: clear understanding of the organization

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3
Q

Explain the use of KPI by an organisation

A

KPI sets standards of how and when they will be measured

3 aspects: what, who and when

Advantages

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4
Q

Explain three key issues faced in measurement

A

Measuring too much
Identification

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5
Q

Describe the purpose of a balanced scorecard (5 marks)

A

It is a strategic performance management tool that can be used by managers to monitor progress of strategic initiatives

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6
Q

Explain characteristics of two types of individuals in the uptake of innovation. (10 marks)

A

Innovators
Early adaptors
Early majority
Late majority
Laggards

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7
Q

Discuss the two stages of innovation decision process with examples about consumer behaviour demonstrated at each stage (10 marks)

A

Knowledge and awareness
Persuasion
Decision
Implementation
Confirmation

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8
Q

Analyse innovation and discuss Tidd and Bessant’s 2 Ps of Innovation Space with appropriate organizational examples (10 marks)

A

Product
Process
Position
Paradigm

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9
Q

Evaluate the transition phase in the innovation life cycle of a typical product or service? (25 marks)

A

Fluid

Transitional

Specific

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10
Q

According to the uptake of innovation, Discuss the characteristics of an adopter at each stage (25 marks).

A

Innovator

Early adopter

Early majority

Late majority

Laggard

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11
Q

Evaluate three stages of the innovation-decision process (Rogers, 2003) (25 marks)

A

Knowledge
Persuasion
Decision
Implementation
Confirmation

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12
Q

Analyse the use of innovation competitions? (10 marks)

A

Innovation competitions are competitions where they solicit ideas and proposals from external stakeholders around a specific them or try to find an answer to a particular problem or challenge

Benefits:

Finds multiple solution to the same problem

Incentivise development of new solutions

Recognize existing solutions

Rewards innovators for work they have already performed without any strong attached

Builds partnerships across innovation ecosystems

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13
Q

Discuss the 3 stages in the innovation value chain? (10 marks)

A

Idea generation
Idea conversion
Idea diffusion

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14
Q

Evaluate the impact of innovation on an organization? (10 marks)

A

Attracts high quality staff who can create next innovation

Creating productivity improvements

Leads to reduction of costs

Speedy response to disrupters

Creates an agile organization ready to respond

Development of great leaders

Gives organization competitive advantage

Drives organization to be more sustainable

Involvement of customers at a higher degree

Collaboration if all business united

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15
Q

Analyse how an organisation can fix the idea generation and diffusion poor company. Base your answer on Innovation Value Chain model.

A

Poor idea generation:
build external networks
Build internal cross unit networks

Poor conversion:
Multi channel funding
Safe havens

Poor diffusion: catalysts

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16
Q

Discuss two critical steps in the idea conversion phase of the innovation value chain and suggest one way an organization can improve their idea screen phase.

A

Generation:
in-house: creation within unit
cross pollination: collaboration across units
external: collaboration with external parties

Conversion:
selection: screening and initial funding
development: movement from idea to 1st result

Diffusion: spread and dissemination across organization

17
Q

Discuss 3 impacts of innovation. Give organisation examples for each (15 marks)

A

attracts high quality staff

Create productivity improvements which reduce cost

Speedy response to disrupters

Innovation creates an agile organisation quick to respond

Development of great leaders

Organisation gets competitive advantage

18
Q

Explain 2 benefits of reviewing in management using an organizational example (10 marks)

A

Recognition of hard work
Are goals met
Reasons for failure
Assessment of resources
Improvement opportunities
Learning points
Good practices to be carried forward
Was the process efficient or flawed?

19
Q

Explain four pillars of CSR? (10 marks)

A

Environment
Community
Diversity
Well being
Operating practices

20
Q

Evaluate the impact of trademarks and trade secrets? (10 marks)

A
21
Q

Describe three ethical issues with innovation (10 marks)

A
22
Q

Analyse the internal risks and external risks involved in innovation in the food and beverage industry. In your answer also talk about how you can overcome the risks. (25 marks)

A

Internal:

Investment risks
Open innovation
Concentration of resources
No capacity for implementation

External:

Demand
Technology
Competitor
Govt risks

23
Q

Evaluate the reasons for failures in innovation management (25 marks)

A

Did not define goals

Actions deferred from goals

Did not encourage team participation

Poor communication

Results were not monitored

Insufficient resources to manage the innovation process

Process was poorly project managed

24
Q

What is risk?

A

An event or change occurring
Impact of this event or change
Probability that it may occur

25
Q

Differentiate between risk aversive and risk taker

A

Risk aversive: some money beats no money

Risk takers: go big or go home

Risk neutral: economic attitude

26
Q

Explain three external risks to innovation and how to over come it (10 marks)

A

Demand
Uncertain demand - focus on market testing

Technology
Tech moved or tech too advanced: improvement environmental scanning

Competitor:
will they beat you? - improve env scan
Open innovation

Government risks
Regulations
Find withdrawal tax breaks - lobbying , communication, PESTLE

Innovation & Business Performance (3 decks)

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