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Questions and Answers
Which of the following best describes the concept of 'Robust/Platform Offering'?
Which of the following best describes the concept of 'Robust/Platform Offering'?
- Offering something that completely represents a new product or process, making the old ones redundant
- Rethinking the way in which bits of the system work together
- Designing something which provides the platform on which variations can be built (correct)
- Reconfiguring the parts of the process
What is the key characteristic of 'Novelty in Process Offering'?
What is the key characteristic of 'Novelty in Process Offering'?
- Offering something completely new, making the old ones redundant
- Offering it in ways others cannot match (correct)
- Reconfiguring the parts of the process
- Offering something others find difficult to master
Which best defines 'Rewriting the Rules' in the context of innovation?
Which best defines 'Rewriting the Rules' in the context of innovation?
- Offering something completely new, making the old ones redundant
- Transferring across different application context
- Rethinking the way in which bits of the system work together (correct)
- Reconfiguring the parts of the process
What is the main feature of 'Complexity Offering' in innovation?
What is the main feature of 'Complexity Offering' in innovation?
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Which best exemplifies 'Legal protection of IP' in the context of innovation?
Which best exemplifies 'Legal protection of IP' in the context of innovation?
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Study Notes
Definition of Innovation
- Innovation involves the practical implementation of ideas leading to new or improved goods and services.
- Joseph Schumpeter, known as the "Godfather" of innovation studies, highlights the importance of innovation in transforming ideas into marketable products.
Strategic Advantages Through Innovation
- Innovation can yield strategic advantages, such as monopolies on profits through unique product or service offerings.
- Entrepreneurs aim to leverage technological innovations for competitive differentiation.
Types of Innovation
- There are various types of innovation, each offering distinct advantages and challenges.
Importance of Incremental Innovation
- Incremental innovation plays a crucial role in continuous improvement and sustaining competitive advantage.
Innovation as a Knowledge-Based Process
- The innovation process is heavily reliant on knowledge acquisition and application, emphasizing the role of learning in developing new products.
Challenges of Discontinuous Innovation
- Discontinuous innovation presents significant challenges, often disrupting existing markets and business models.
Stages of the Innovation Life Cycle
- The innovation life cycle consists of several stages, from problem identification through idea generation, execution, and realization of benefits.
Christensen’s Disruptive Innovation Theory
- This theory explains how new entrants can disrupt established markets by offering simpler, more affordable, or accessible products.
Sources of Discontinuity
- Discontinuity can arise from technological advancements, changes in consumer behavior, or shifts in market dynamics, driving the need for constant innovation.
Creative Destruction
- The concept of creative destruction entails the ongoing process of innovation that creates new markets and opportunities while simultaneously displacing older norms and practices.
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