Week 4 Innovation Strategy

Question 1

What are the 4 types of ‘New Products’ table + Axis labels + reference?

Answer 1

X-Axis = ‘Newness to customer’ = Low (Old) or High (New).

Y-Axis = ‘Newness of Technology’ = Low (Existing) or High (New).

Incremental Innovation = Low, Low.

Market Breakthrough = Low Tech, High Newness to consumer.

Technological Breakthrough = High Tech, Low Newness to consumer.

Radical Innovation = High, High.

(Chandy and Tellis, 1998).

Question 2

The BOP Innovation Sandbox + reference

Answer 2

(Prahalad 2012).

Question 3

What is the challenge of Strategic Entrepreneurship + reference?

Answer 3

Challenge = Combining Strategy and Entrepreneurship.

Strategy:
- Designing the firm’s scope.
- Managing the firm’s resources.
- Developing competitive advantages.
- Advantage-seeking behaviour.

Entrepreneurship:
- Creating newness.
- Creating units.
- Organisational renewal.
- Opportunity-seeking behaviour.

Strategic Entrepreneurship:
- Balancing exploration (radical innovation - long-term) and exploitation (incremental innovation - short-term).
- Continuous stream of innovation for short and long-term success.

(Ireland and Webb 2007).

Question 4

How to make Strategic Entrepreneurship work? + reference

Answer 4

Combine multiple Strategic Entrepreneurship strategies (opportunity seeking and advantage seeking) to develop Explorative and Exploitative Innovations to become Innovation Ambidextrous.

Innovation Ambidextrous leads to profit as a performance outcome.

(Hughes et al. 2021).

Question 5

What is an example of a firm that failed to combine Explorative and Exploitative Innovation to be Innovation Ambidextrous?

Answer 5

Tough Mudder.

• Focused on incremental innovations (exploitative) rather than radical innovations (explorative) and therefore only planned for the short-term and was therefore sold.

Question 6

What is the process from Knowledge Creation to Diffusion?

Answer 6

Basic Knowledge –> Invention –> Innovation –> Diffusion –> Imitation (supply side) or Adoption (demand supply).

Question 7

What is the New Production Planning Process (in terms of stages and percentage complete) + reference?

Answer 7

Idea = 0%

Screening = 10%

Business Analysis = 15%

Development = 60%

Testing = 80%

Launch = 100%

(Hooley et al. 2004).

Question 8

How did Dasani Water fail at each stage of the New Production Planning Process + reference?

Answer 8

…

Question 9

What is the Stage-Gates structured process + reference?

Answer 9

At each stage of the new product planning process there will be information collected and then followed by a gate: Go/Kill decision (continue or stop the process).

(Cooper 2008).