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Questions and Answers
What distinguishes strategic competencies from other types of capabilities?
What distinguishes strategic competencies from other types of capabilities?
What is the outcome of aligning smaller projects with a clear vision?
What is the outcome of aligning smaller projects with a clear vision?
Which component does NOT belong to the dynamic capability innovation strategy?
Which component does NOT belong to the dynamic capability innovation strategy?
Which of the following is not a type of resource capability?
Which of the following is not a type of resource capability?
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Which question is essential in strategic innovation management when reviewing routines?
Which question is essential in strategic innovation management when reviewing routines?
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What are capabilities said to be more functional than?
What are capabilities said to be more functional than?
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What might happen to core competencies if they are not managed properly?
What might happen to core competencies if they are not managed properly?
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What aspect of a firm provides a sustainable competitive advantage according to the resource-based view?
What aspect of a firm provides a sustainable competitive advantage according to the resource-based view?
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Which of the following is a correct step in analyzing an organization's resources?
Which of the following is a correct step in analyzing an organization's resources?
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Which factor is not mentioned as influencing a firm's capacity to benefit commercially from its capabilities?
Which factor is not mentioned as influencing a firm's capacity to benefit commercially from its capabilities?
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What must customers perceive for a sustainable competitive advantage to exist?
What must customers perceive for a sustainable competitive advantage to exist?
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How are functional capabilities primarily characterized?
How are functional capabilities primarily characterized?
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What role does cultural capability play within an organization?
What role does cultural capability play within an organization?
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Which of the following is NOT a characteristic of core competencies?
Which of the following is NOT a characteristic of core competencies?
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Which of the following is viewed as a necessary capacity for a firm to defend its competitive advantage?
Which of the following is viewed as a necessary capacity for a firm to defend its competitive advantage?
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What is a direct consequence of the capability gap between a producer and its competitors?
What is a direct consequence of the capability gap between a producer and its competitors?
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Which dimension of innovation involves changes in mental models that frame what an organization does?
Which dimension of innovation involves changes in mental models that frame what an organization does?
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What is the primary limitation of using 'gut feel' intuition as an approach to innovation?
What is the primary limitation of using 'gut feel' intuition as an approach to innovation?
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In financial measures of assessing innovation opportunities, which aspect is typically overlooked?
In financial measures of assessing innovation opportunities, which aspect is typically overlooked?
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What does 'resource-based' view emphasize when selecting innovations?
What does 'resource-based' view emphasize when selecting innovations?
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Which approach to assessing innovation opportunities provides a detailed analysis on numerous dimensions but is time-consuming?
Which approach to assessing innovation opportunities provides a detailed analysis on numerous dimensions but is time-consuming?
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What are the three main elements focused on in strategic selection?
What are the three main elements focused on in strategic selection?
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Which of the following statements about patents is NOT correct?
Which of the following statements about patents is NOT correct?
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Which of the following is NOT a key area to assess according to Porter’s model of Five Forces?
Which of the following is NOT a key area to assess according to Porter’s model of Five Forces?
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What is a key benefit of licensing intellectual property rights (IPR)?
What is a key benefit of licensing intellectual property rights (IPR)?
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Why is clear communication of the vision for innovations critical during strategic implementation?
Why is clear communication of the vision for innovations critical during strategic implementation?
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Which of the following is NOT a main strategic motive for licensing?
Which of the following is NOT a main strategic motive for licensing?
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What is a significant risk associated with licensing IPR?
What is a significant risk associated with licensing IPR?
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How is science strength determined in relation to patents?
How is science strength determined in relation to patents?
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Which of the following best describes 'lead users' in innovation?
Which of the following best describes 'lead users' in innovation?
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What does the technology cycle time signify in patent analysis?
What does the technology cycle time signify in patent analysis?
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What is a characteristic of copyrights in the context of intellectual property?
What is a characteristic of copyrights in the context of intellectual property?
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What role primarily acts as a protector and buffer between the corporation and the new venture?
What role primarily acts as a protector and buffer between the corporation and the new venture?
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Which type of decision-making involves choices being made jointly with others?
Which type of decision-making involves choices being made jointly with others?
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What is a characteristic of the Bass model regarding group influence on innovation adoption?
What is a characteristic of the Bass model regarding group influence on innovation adoption?
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Which of the following design options for corporate ventures is the most distanced from daily operations?
Which of the following design options for corporate ventures is the most distanced from daily operations?
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Intrapreneurs often struggle with which of the following challenges?
Intrapreneurs often struggle with which of the following challenges?
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What is the least distant design option for corporate ventures?
What is the least distant design option for corporate ventures?
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Which of the following best describes the 'S-curve' in the context of innovation adoption?
Which of the following best describes the 'S-curve' in the context of innovation adoption?
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What characterizes distribution customization?
What characterizes distribution customization?
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What distinguishes authoritative decision-making from other types?
What distinguishes authoritative decision-making from other types?
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Which statement best differentiates assembly customization from fabrication customization?
Which statement best differentiates assembly customization from fabrication customization?
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What is the main focus of mature industries regarding innovation?
What is the main focus of mature industries regarding innovation?
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In the transitional stage of the innovation lifecycle, what primarily occurs?
In the transitional stage of the innovation lifecycle, what primarily occurs?
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What role do regulations play in the innovation process?
What role do regulations play in the innovation process?
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What best describes the diffusion of innovation?
What best describes the diffusion of innovation?
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Which of the following best represents innovators in the diffusion of innovation?
Which of the following best represents innovators in the diffusion of innovation?
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What distinguishes design customization from other forms of customization?
What distinguishes design customization from other forms of customization?
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Study Notes
Innovation Definitions and Processes
- Innovation comes from the Latin word "innovare," meaning change. It's the process of creating value from ideas, including changes to products, services, delivery methods, and models.
- Innovation can be incremental (small changes) or radical (major changes). It can also occur at the component or system level. Recombination of previous innovations is also possible.
- Value creation, direction of change, and degree of novelty are the three main dimensions of innovation.
Types of Innovation
- Process innovation: New ways for developing a product or service.
- Product/service innovation: New or improved offerings.
- Marketing innovation: New approaches to communicating value to customers.
- Organizational innovation: New ways for an organization to operate.
Innovation Importance
- Innovation is crucial to all economies, from factor-driven (least developed) to innovation-driven (most developed).
- Innovation provides a competitive advantage, enabling businesses to outperform competitors through varied strategies (e.g., via a company, disease, natural disaster).
- Innovation must be supported by appropriate organizational processes and policies to succeed.
Innovation Strategy Phases
- Analysis: Identifying opportunities and threats through current and future analysis.
- Selection: Deciding on the specific innovations to pursue, and articulating the reasoning behind those choices.
- Implementation: Detailing how to best carry out the selected innovations using a detailed plan.
Innovation Drivers and Factors
- Innovation isn't just about technology advancement; many factors are drivers, including opportunity, policy, and response to market/environmental threats.
- Resources (knowledge, skills, capital) and organizational processes (e.g. collaboration, management) affect the success and speed of innovation.
- Regulatory changes, trends, or accidents can all drive innovation.
- Innovation can be considered from a strategic (long-term) or tactical (short-term) perspective.
Innovation in Organizations
- Core Competencies are crucial for competitive advantage.
- Knowledge Management is important for supporting innovation initiatives.
- Internal and external stakeholders' contributions in the process are critical.
- Innovation requires adaptable organizational structures.
Innovation Types and Processes
- Incremental innovation: Building on existing knowledge and processes to improve existing products or services; less risky.
- Radical innovation: Creating fundamentally new products or services, potentially leading to new markets, higher risk; potentially high reward.
- Open Innovation: Sharing knowledge and resources with other organizations and individuals to increase innovation, access wider expertise.
Innovation and Measurement
- Innovation measurement: Companies should consider various methods for measuring their innovation processes and the contribution of those processes to the company.
- Measuring innovation effectively requires a clear understanding of the company's goals and the chosen method for forecasting.
Innovation Execution
- Frameworks for innovation projects must be adaptable to changing circumstances.
- A business case presentation helps in outlining and justifying projects.
- Stage-gate processes are used to organize the project phases (idea formulation to international marketing).
- Resource constraints and stakeholder needs influence project execution and may need to be considered.
Innovation Management
- Stakeholder engagement is critical for successfully implementing innovation.
- Lead users (users ahead of the market) can provide valuable insights for new products or services.
- Managing innovation through teams is better than individual efforts.
Intellectual Property (IP)
- IP, such as patents, is important for safeguarding innovations.
- Protecting IP is important for securing the potential return of investment for innovation.
Sustainability
- Sustainability drives innovation as companies look for new ways to meet changing environmental and societal needs.
- Innovative solutions can help firms respond to new and emerging demands.
Technology Management Tools and Methods
- Technology management tools can support the process of innovation management.
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Description
Explore the essential concepts of innovation, including its definitions, types, and significance in various economies. This quiz covers incremental and radical innovation, as well as process, product, marketing, and organizational innovations. Test your understanding of how innovation drives value creation and change.
