Innovation and Co-Creation Principles

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What is the primary goal of an innovation strategy's strategic selection step?

To implement new technologies

To evaluate the competition

To determine what innovations to pursue and why (correct)

To identify potential inventions of other companies

What is the main characteristic of a Reactive Innovation strategy?

Imitating technological leaders

Focusing on being the first to market

Creating new innovations through entrepreneurial efforts

Adopting inventions created by other companies (correct)

What is a benefit of being a 'first-mover' in the market?

Free-riding by imitating and learning from others

Reputation, scale benefits, and experience curve benefits (correct)

Pre-emption of scarce resources

All of the above

What is the main idea behind open innovation?

To collaborate with others and recognize that not all the best people work for us Signup and view all the answers

What is the definition of technology in the context of innovation?

The application of scientific knowledge to a new product, process, or service Signup and view all the answers

What is the primary reason stakeholders won't participate in co-creation?

They don't see the value in it for themselves Signup and view all the answers

What is the primary goal of an innovation strategy's strategic implementation step?

To make the selected innovation happen Signup and view all the answers

What is the most common problem identified in the Innovation Diamond Model?

Lack of a clear product innovation strategy Signup and view all the answers

What is the key challenge in developing a product innovation strategy?

Ensuring the strategy is clear, realistic, and aligned with the business strategy Signup and view all the answers

What is the primary focus of the four principles of co-creation?

The experiences of all stakeholders and their interactions with each other Signup and view all the answers

What is the ultimate goal of a product innovation strategy?

To develop a better business model Signup and view all the answers

What is a key challenge in the idea-to-launch process?

Not having enough high-quality data Signup and view all the answers

What is the primary goal of portfolio management in product innovation?

To allocate resources and prioritize projects in the pipeline Signup and view all the answers

What is a key challenge in managing climate and culture for product innovation?

Striking a balance between discipline and focus Signup and view all the answers

Why are clear performance metrics necessary for product innovation?

To determine whether investments in R&D are producing the desired results Signup and view all the answers

What are the three pillars of innovation?

Portfolio, Programs, and Culture Signup and view all the answers

What is the correct sequence of the idea-to-launch process?

<ol> <li>Search -> 2. Select -> 3. Implement -> 4. Capture</li> </ol> Signup and view all the answers

What is a major advantage of being a first-mover in a market?

Little or no competition Signup and view all the answers

What is a key role of a Technical Innovator in an organization?

Developing a new technology or skills to install it Signup and view all the answers

According to Barney, what is a potential source of sustainable competitive advantage?

A firm's corporate culture Signup and view all the answers

What is a characteristic of an organic culture?

Decentralized decision-making Signup and view all the answers

What is the primary goal of OKR's in an organization?

To set high-level, measurable goals Signup and view all the answers

What is a key feature of a learning organization?

Skilled at creating, acquiring and transferring knowledge Signup and view all the answers

What is the primary difference between a mechanistic and an organic culture?

The level of hierarchy and specialization Signup and view all the answers

What is a key benefit of OKR's in an organization?

It helps establish high-level, measurable goals Signup and view all the answers

What is a characteristic of a culture that supports innovation?

A willingness to take risks and make choices Signup and view all the answers

What is the primary purpose of setting goals using OKR's?

To describe what you will achieve and how you will measure it Signup and view all the answers

What is the purpose of using OKR formula?

To shift from output to outcome behavior Signup and view all the answers

What is a key benefit of OKRs?

To think customer Signup and view all the answers

Why is psychological safety important in teams?

To create an environment where people feel comfortable taking risks Signup and view all the answers

What is a key step to foster psychological safety in teams?

Lead by example and ask for upward feedback Signup and view all the answers

What is the outcome of teams that make more mistakes?

They are more successful Signup and view all the answers