week 4 flashcard
What is Roger’s innovation theory and why it is used
It states the innovation needs to be communicated to people and there are certain types to promote it. There are 5 categories of people that needs to be convinced into use the particular innovation. They are innovatorsi early adaptors, early majority, late majority and laggards.
Innovators
People waiting for the innovation to come in and order, do not need to spend time or money to convince in order to adopt the innovation, liking the change.
Early adaptors
Excited about applying the innovations, do not need time of effort ready to try
*******just need information to how to use the innovation.
Early majority
Wants to try new things but hesitant, need convincing- convince by telling success stories that tried it how the life changed after using innovation
Late majority
Sceptical for change, waiting for the product to be effective and want to know if it is succesful- needs statistics to convince
Laggard
The last ones to adapt into innovations because they are very conservative- provide statistics to convince
Innovation matrix by satellite
This matric divides innovations into 4 types sustaining, disruptive basic research and breakthrough innovations.
It has 2 dimensions: How well we know what the problem is?
2- What skill domains are required to solve it. These questions are answered by well and not well.
What are the four types of innovation in the Satellite matrix
Breakthorugh, sustaining , basic research and disruptive innovation
Explain the breakthorugh innovation
Breakthough Innovation is creating a solution or advancing the existing innovations that solve the problem. Breakthorugh innovation is when problem is defined well but the skills needed for solving this is not defined well so it is very hard to solve and require unconventional skill domain.
Sustaining innovation
Problem is well defined and the required skills are known. It is for enhancing the capabilities in the same markets.Know what problem needs to be solved and what skill domains are required. Rely on research and development labs and great marketing to show how every product’s new features.
Apple is a pioneer of sustaining innovation as it keeps offering products with better features everytime in its phones.
Disruptive innovation
The kind of innovation that disrupts the sector the product/service the innovation is in, making the existing competitors products seem much less desirable and could cause significant change in the customer expectations from the general market by offering new values with the innovation.
Basic research
As the problem and the domain is not well defined the aim is to find something new and usually done in academic institutions
What is innovation
Innovation is an applicable, original and creative idea that solve meaningful problems
The importance of innovation
Comes from taking advantage of market oppurtunities, adapting into the market trends and customer preferences, to have competitive advantage and the continuation of human well being by solving meaningful problems that we encounter.
