Week 8 - 2 Flashcards
Creativity
Ability to move beyond conventional ideas, rule or assumptions
Innovation
Goes further than creativity and invention. it is not only something new, but with potential to be practical and provide commercial return.
Design
Transforms innovative ideas into something concrete. delivers a solution that will work
Strategic role of innovation
Increase market share and open new markets
Differentiate products, making them more attractive to customers
Strengthen the brand
Reduce cost related to innovation through more efficient use of resources
Performance objectives in the innovation process - Quality
Degree of functionality, or experience, or aesthetics
Performance objectives in the innovation process - Speed
Early market launch, starts designing late, frequent market stimulation
Performance objectives in the innovation process - Dependability
Avoiding technical failures and schedule slippage, it depends heavily on flexibility
Performance objectives in the innovation process - Flexibility
Ability to cooperate with internal and external changes
Performance objectives in the innovation process - Cost
Cost of buying the inputs to the process, cost of providing the labor, general overhead cost the process
Performance objectives in the innovation process - Sustainability
The extent that it benefits the triple bottom line (P,P,P)
Stages of innovation
Concept generation Concept screening Preliminary design Evaluation and improvement Prototype and final design
Stages of innovation - Concept generation
R&D (Research and development)
Customers
Staff
Competitors
Open Sourcing/ Crowd Sourcing/ Lead users / Harbingers of failure
Stages of innovation - Concept Screening
Feasibility
Can we do it?
Acceptability Do we (and the market) WANT to do it?
Vulnerability
What are the RISKS of doing it?
Stages of innovation - Preliminary design
Standardization (make the standard very clear-cheaper to do) Commonality (part that fit everything- the door from one car fits another) Modularization (Blocks that can fit in to different thing and then create another) Mass customization (more technology- but more customized)
Alpha testing
Inhouse testing
