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Innovation Management > Week 6 & 7 > Flashcards

Week 6 & 7 Flashcards

1
Q

Passive innovation resistance

A

Consumers show initial resistance to change
Passive: love for equilibrium
Active: attitude towards new product

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2
Q

Marketing steps

A
  1. Marketing research
  2. Choosing a value proposition
  3. Construct and integrate marketing program
  4. Build profitable relationship and customer delight
  5. Capture value from customer
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3
Q

Maslow’s hierarchy of needs

A

Self-actualization
Esteem (status symbol)
Belongings and love
Safety
Psychological

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4
Q

3 levels of product

A
  • Core
  • Actual
  • Augmented
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5
Q

Marketing basics

A

Segmentation: divide the total market into smaller segments
Targeting: select segments to enter
Positioning: position the market offers in the customers mind
Differentiation: differentiate the market offering to create superior product value for customers

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6
Q

Brand developing

A

Creating brand
Brand stretching
Brand extension
Co-branding

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7
Q

Brand stretching vs brand extension

A

stretching is a new market while extension is the same market

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8
Q

Strategies how to price

A

Cost-based
Competitor oriented
Market-led

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9
Q

Strategies evolution of price

A

Skimming: high price and decreasing
Penetration: low price and increaing

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10
Q

When to do which pricing strategy

A

High promotion high price: rapid skimming
High promotion low price: rapid penetration
Low promotion high price: slow skimming
Low promotion low price: slow penetration

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11
Q

Demi-Moore’s law

A

Markets are hesitant to new things because they like balance and equilibria

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12
Q

Challenges innovations

A
  • Unravel status quo
  • Create a new status quo
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13
Q

Successful go-to-market campaign

A
  • Reason back from endgame
  • Complement power plays
  • Incentives to benefits, delivery and consumers
  • Preserve flexibility
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14
Q

Passive resistance solution

A
  • Mental stimulation
  • Benefit comparison
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15
Q

Cognitive styles for staying at status quo

A
  • routine lovers
  • Cognitive rigidity
  • emotional reaction
  • short term focus
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16
Q

Relational rents

A

Profits reached by exhange relationship as they are not achieved in isolation

17
Q

Relational view

A

combination of resources may yielad an advantage in the form of relational rents and competitive advantage

18
Q

Relational view sources of SCA

A
  • relation specific asset (site, human, physical)
  • knowledge sharing routines
  • complementary resources
  • effective governance
19
Q

Knowledge sharing routines

A

Interorganizational learning
Partner-specific absorptive capacity
Cognitive proximity
Alignment of incentives

20
Q

Complementary resources

A
  • indivisible assets, competencies and capabilities
  • ability to identify partners and evaluate potential complementarities
  • organization complementarity
21
Q

Mechanisms preserving relational rents

A

Interorganizational asset interconnectedness
Partner scarcity
Resource indivisibility
Insitutional environment
Causal ambiguity
Time compression diseconomies

22
Q

Types of open innovation

A

Sourcing (outside-in)
Acquiring (outside-in)
Revealing (inside-out)
Selling/licensing (inside-out)

23
Q

Startup corporation collaborations

A
  • Corporate venture capital
  • corporate incubation
  • outside in startup program
  • inside out platform startup program
24
Q

RBV vs RV

A

single firm vs multiple firms
closed knowledge vs open knowledge

25
Q

Crowd based innovation

A
  • crowd contests
  • collaborative communities
  • crowd complementors
  • crowd labor market
26
Q

Why the crowd?

A
  • loose and decentralized
  • high scale and diversity
  • intrinsic motivation
  • available on demand
27
Q

Arms-length relationship vs partnership

A
  • Arms-length relationship:
    o Nonspecific asset investments
    o Minimal information exchange
    o Separable technological & informational systems
    o Low transaction costs & minimal investment in governance mechanisms
  • Partnership:
    o Investment in relation-specific assets
    o Substantial knowledge exchange & joint learning
    o Combining scarce, but complementary resources or capabilities
    o Lower transaction costs than competitors due to governance mechanisms
28
Q

Effective governance

A

greater ability to employ informal rather than formal self-enforcing safeguards
- Lower marginal costs
- difficulty imitation
- Lower contracting/monitoring/adaptation/recontracting costs
- superior incentives for value-creating initiatives

29
Q

Crowd contests opportunities

A
  • when unclear which combination of skills and technical approach is needed
  • when experimentation is needed
  • insight for technological frontier of feasibility
30
Q

Crowd contests challenges

A

identifying problem
making the problem understandable without spilling company secrets
solutions must be easy implamentable

31
Q

Crowd collaborative communities opportunities

A

output of multiple contributors to one final solution
when problem is easy to orchestrate

32
Q

Crowd collaborative communities problems

A

IP protection almost impossible

33
Q

Crowd complementors opportunities

A

provision of solution to more than one problem
can expand demand for the product

34
Q

Crowd complementors challenges

A

crowd needs access to function of core product

35
Q

Crowd labor market opportunities

A

on demand matching and immediate support on a huge scale
contract can be long term relationships
Easy for repititive tasks

36
Q

Crowd labor market problems

A

need to know which skills are needed
able to find the specific skill

Innovation Management (4 decks)

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