Sem 1 Week 1

Question 1

What is innovation? Dictionary definition

Answer 1

1.Something newly introduced, such as a new method or device.
2.The act of innovating.

Question 2

What are the benefits of innovation?

Answer 2

• Increase in market shares
  -Higher growth rates
  -Greater profitability

Question 3

What does invention mean?

Answer 3

to conceive the idea

Question 4

What is the difference between invention and innovation?

Answer 4

Innovation: To use - the process by which the idea or an invention is translated into the economy

Question 5

What is the space in between the invention and innovation called in the process of bring a idea into the market?

Answer 5

The valley of death

Question 6

What are the steps in brining an idea to the market?

Answer 6

1. Imitation
   2.Improvement
   3.Invention
   4.Innovation

Question 7

What does imitation mean?

Answer 7

Basic value: Cost and execution advantage

Question 8

What does improvement mean?

Answer 8

Improvement: Temporal advantage

Question 9

What are the four steps in the innovation funnel?

Answer 9

1.Search
2.Select
3.Implement
4.Capture

Question 10

What does the search step mean in the innovation funnel?

Answer 10

Opportunity identification: How can we find opportunities for innovation

Question 11

What does select mean in the funnel of innovation?

Answer 11

Opportunity selection: What are we going to do and why?

Question 12

What does implementation mean in the innovation funnel?

Answer 12

Development and Testing: How are we gong to make it happen

Question 13

What does capture mean in the innovation funnel?

Answer 13

Production & Launch: How are we going to get the benefits from it

Question 14

What does innovation mean according to the Stanford Research Institute?

Answer 14

“Innovation is the creation and delivery of new customer value in the marketplace with a sustainable value for the enterprise producing it.”

Question 15

What does innovation encompass?

Answer 15

-Novelty
-Value
-Market
-Economic Sustainability

Question 16

What does novelty mean?

Answer 16

creation of something new

Question 17

What does value mean?

Answer 17

What is created has some value according to the customer

Question 18

What does market mean?

Answer 18

invention is transferred to the market to become an innovation

Question 19

What does economic sustainability mean?

Answer 19

Innovation should generate sustainable value for the organisation

Question 20

What are the types of innvoation?

Answer 20

Product, Process, Technological, Management,
Business Model
Application
Marketing
Experiential
incremental
Disruptive
Radical

Question 21

What does product innovation mean?

Answer 21

takes established offers in established markets to the next level

Question 22

What does process innovation mean?

Answer 22

Makes processes for the established offers in established markets more efficient or effective

Question 23

What does technological innovation mean?

Answer 23

development of a new technology, which creates new business sectors

Question 24

What does business model innovation mean?

Answer 24

reframes an established value proposition to the customer or a company’s established
role in the value chain or both

Question 25

What does Application innovation mean?

Answer 25

takes existing technologies into new markets to serve new purposes

Question 26

What does marketing innovation mean?

Answer 26

improves customer touching processes e.g. by marketing communications or consumer transactions

Question 27

What does experiential innovation mean?

Answer 27

makes cosmetic / surface modifications of established products or processes that improve customers’ expierence

Question 28

What does incremental innovation mean?
(also know as sustaining or routine innnovation)

Answer 28

Gradual improvements or refinements to existing offerings
(most common, highly effective, lower risk)

Question 29

What does disruptive innovation mean?

Answer 29

Improves on existing market by exceeding customers’ needs, eventually displacing the old market

Question 30

What does radical innovation mean?

Answer 30

Destroys the current market and value network & creates new one

Question 31

What is required for innovation?

Answer 31

-A market orientation
-Relevance to the organisation’s corporate objectives
-An effective project selection and evaluation system
-Effective project management and control
-A source of creative ideas
-An organisation receptive to innovation
-Commitment by individuals