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Innovation Management Exam 1: Fundamentals of Innovation
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Innovation Management Exam 1: Fundamentals of Innovation

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Questions and Answers

What is the primary focus of innovation management?

  • Managing research and development
  • Developing new products and services
  • Aligning innovation strategies with business objectives (correct)
  • Generating new ideas
  • What is the main purpose of innovation?

  • To create something completely new
  • To improve existing products or services
  • To add value from a customer's point of view (correct)
  • To increase company profits
  • What stage of the product life cycle is characterized by stable sales and market acceptance?

  • Decline
  • Maturity (correct)
  • Introduction
  • Growth
  • What type of innovation involves making small, continuous improvements to existing products or processes?

    <p>Incremental Innovation</p> Signup and view all the answers

    What is the final stage of the product life cycle?

    <p>Decline</p> Signup and view all the answers

    What is the primary goal of the innovation process?

    <p>To turn an idea into a solution that adds value</p> Signup and view all the answers

    What is the main difference between radical innovation and disruptive innovation?

    <p>Radical innovation alters existing markets, while disruptive innovation creates new ones</p> Signup and view all the answers

    What is the primary purpose of the idea screening stage in the innovation process?

    <p>To evaluate ideas and identify viable ones</p> Signup and view all the answers

    What is the primary driver of technology push innovation?

    <p>Technological advances</p> Signup and view all the answers

    What does VUCA stand for?

    <p>Volatility, Uncertainty, Complexity, and Ambiguity</p> Signup and view all the answers

    What is the primary focus of environmental trends?

    <p>Changes related to the physical environment and climate</p> Signup and view all the answers

    What is the primary purpose of the Business Model Canvas?

    <p>To define and communicate a business idea or concept</p> Signup and view all the answers

    Study Notes

    What is Innovation?

    • Innovation is the process of turning an idea into a solution that adds value from a customer's point of view.
    • It's not just about creating something completely new, but also about improving existing technologies, products, or services to better meet customer needs.

    What is Innovation Management?

    • Innovation management involves the organization and coordination of activities related to the creation and implementation of innovations.
    • It includes managing the process from idea generation, through development, to commercialization.
    • It focuses on aligning innovation strategies with business objectives and often involves managing research and development, project management, and organizational changes.

    Product Life Cycle

    • The product life cycle describes the stages a product goes through from introduction to the market until it is removed from the shelf.
    • The stages include:
      • Introduction: Launching the product and initial marketing efforts.
      • Growth: Sales increase significantly as the product gains market acceptance.
      • Maturity: Sales growth slows down, and the product enjoys stable success.
      • Decline: Sales decline as the market becomes saturated, technology changes, or customer preferences shift.

    Types of Innovation

    • There are three types of innovation:
      • Incremental Innovation: Small and continuous improvements made to existing products or processes.
      • Radical Innovation: Fundamental changes that create new markets or significantly alter the way businesses or sectors operate.
      • Disruptive Innovation: Innovations that displace established technologies or products, creating new industry leaders.

    Innovation Process

    • The innovation process consists of 7 steps:
      • Idea Generation: Coming up with new ideas through brainstorming, research, or inspiration.
      • Idea Screening: Evaluating ideas to identify viable ones.
      • Concept Development: Developing the chosen idea into a workable concept.
      • Prototype Development: Creating a testable version of the product.
      • Test Marketing: Testing the product in a controlled environment.
      • Commercialization: Launching the product to the market.
      • Evaluation: Reviewing the success of the innovation and making necessary adjustments.

    Technology Push and Demand Pull Innovation

    • Technology Push: Innovations driven by technological advances, where new technology leads to new products.
    • Demand Pull: Innovations driven by customer needs or market demands, where products are developed to meet specific market needs.

    VUCA Framework

    • VUCA stands for Volatility, Uncertainty, Complexity, and Ambiguity.
    • It is a framework for understanding the nature of challenging business environments and helps organizations adapt and thrive.

    What is a Trend?

    • A trend is a general direction in which something is developing or changing.
    • In business, trends often reflect patterns of behavior, preferences, or technological advancements that can influence market dynamics and strategic decisions.
    • There are four types of trends:
      • Social Trends: Changes in cultural, societal, or consumer behavior.
      • Economic Trends: Patterns in economic data such as growth rates, unemployment, or consumer spending.
      • Technology Trends: Developments in technology that influence various industries.
      • Environmental Trends: Changes related to the physical environment and climate, impacting regulations and business practices.

    Business Model

    • A business model describes the rationale of how an organization creates, delivers, and captures value.
    • It explains what product or service the business plans to sell, its target market, and any expected costs.

    Business Model Canvas (BMC)

    • The Business Model Canvas is a strategic management tool to quickly and easily define and communicate a business idea or concept.
    • It is a visual chart with elements describing a firm's value proposition, infrastructure, customers, and finances.

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    Description

    Test your knowledge of innovation management basics, including the definition of innovation and innovation management processes. Learn how to turn ideas into customer-valued solutions and improve existing technologies, products, or services.

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