Week One

Question 1

What is the difference between Invention and Innovation?

Answer 1

Invention refers to the creation of something new, whereas Innovation is about applying that invention to create value.

Question 2

Product Innovation

Answer 2

Developing new or improved products

Question 3

Process Innovation

Answer 3

Enhancing how products are made or services are delivered

Question 4

Position Innovation

Answer 4

Changes the context in which a product is promoted or used

Question 5

Paradigm Innovation (Business Model Innovation)

Answer 5

Changes underlying mental models, a totally new way of operating.

Question 6

Incremental Innovation, and what percentage of Innovation is it?

Answer 6

Improvements to existing products, services and processes. 70%

Question 7

Radical Innovation and %

Answer 7

Developing transformational innovations, inventing things for markets that don’t exist yet. 10%

Question 8

Breakthrough innovation & %

Answer 8

New products or services with unique features that provide real benefits to customers. 20%

Question 9

What are the different parts of the Innovation process?

Answer 9

Ideas, Selection, Implementation, Innovation strategy, People Culture and Organisation

Question 10

Strategic Management vs Operational Management

Answer 10

Strategic management focuses on the long-term direction and priorities for innovation (deciding what areas and why). In contrast, Operational Management deals with the daily activities that ensure innovation stays on track.

Question 11

Five Components of Innovation are..

Answer 11

1). The introduction of a good (product) which is new to customers
2). Methods of production, which are new
3). The opening of new markets
4). The use of new sources of supply
5). New forms of competition, which lead to the restructuring of an industry.

Question 12

Push Innovation

Answer 12

Technology push - happens when innovation is driven by advances in technology or R&D without a direct focus on immediate market demand.

Question 13

Pull Innovation

Answer 13

Market pull - This type of innovation is driven by specific needs or demands from the market. It starts with a problem or demand that customers have, and the innovation process focuses on creating a solution to meet that need

Question 14

What are some challenges in managing innovation?

Answer 14

Resistance to change, balancing innovation with operational efficiency, and managing resource constraints.

Question 15

Why is innovation important for business?

Answer 15

It drives competitive advantage, supports growth, and ensures survival in fast-changing markets

Question 16

What is the role of leadership in innovation?

Answer 16

Leadership must create a vision for innovation, allocate resources, and foster a culture that encourages creativity and risk-taking.

Question 17

What is an innovation strategy?

Answer 17

A plan that defines innovation objectives, priorities, and areas where innovation can add value to the company.

Question 18

What role do culture and organizational environment play in innovation?

Answer 18

A strong innovation culture encourages experimentation, creativity, and accepts failure as part of the process.

Question 19

Why is balancing innovation and operational efficiency important?

Answer 19

It ensures that the company continues to innovate while maintaining stable operations and quality.

Question 20

What is component innovation?

Answer 20

Modifying individual components within a product or system.

Question 21

What is the difference between radical and incremental innovation?

Answer 21

Radical innovation leads to fundamental changes and new markets, while incremental innovation focuses on small, continuous improvements.

Question 22

What is architectural innovation?

Answer 22

Redefining the relationships between components in a system, leading to a change in how the entire system operates.