MGMT 307: Innovation Models Overview

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Questions and Answers

What is the core focus of the first week in the teaching plan?

Innovation Process

Designing and Building the product

Experiencing Entrepreneurship (correct)

Problem Discovery

Which step involves identifying what you can do for your customer?

Step 1-5

Step 6-11 (correct)

Step 20-24

Step 12-19

When is the mid-term test scheduled?

13 August (correct)

06 August

01 October

03 September

What type of session is planned for the 30 July?

Guest Session Signup and view all the answers

What is a notable aspect of the innovation process as indicated in the material?

The innovation process rarely aligns with the idealized model. Signup and view all the answers

What is the scheduled topic for the session on 03 September?

Innovation Process Signup and view all the answers

Which week includes a Recap and Final Assessment Preparation?

Week 11 Signup and view all the answers

What type of activity is highlighted in the idealized model of the innovation process?

Highlighting activities involved in the process Signup and view all the answers

What is the primary purpose of creating models in development?

To convey the form, style, and feel of an object Signup and view all the answers

Which characteristic is true regarding prototypes?

They focus more on function than form Signup and view all the answers

What aspect does market evaluation NOT cover in product development?

Elevating the aesthetic appeal of the product Signup and view all the answers

Why are prototypes often made with different materials than the final product?

To save costs during the initial development phase Signup and view all the answers

Which of the following statements about designers' requirements is NOT correct?

Designers focus primarily on aesthetic appearances Signup and view all the answers

What is one method suggested for lowering production costs?

Using self-aligning parts Signup and view all the answers

What is one of the main roles of prototypes in development?

To facilitate user learning and behavior testing Signup and view all the answers

How does the integration of components and systems benefit the development of complex products?

It allows for early detection of compatibility issues Signup and view all the answers

What is the primary goal of market testing?

To gather commercial data and forecast sales Signup and view all the answers

Why is manufacturing launched at 20-30% capacity initially?

To take advantage of the learning curve effect Signup and view all the answers

What is a key function of testing prototypes during development?

To identify and mitigate potential technological risks Signup and view all the answers

Which activity is NOT associated with the market launch phase of a product?

Gathering consumer safety feedback Signup and view all the answers

What is one characteristic of linear models of innovation?

They can include both technology push and market pull. Signup and view all the answers

What is the focus of physical testing?

Ensuring product safety during consumer use Signup and view all the answers

Which model of innovation is characterized by collaboration across multiple parties?

Open Innovation Signup and view all the answers

What advantage is gained by ramping up production capacity slowly?

Enhanced quality assurance through evaluating flaws Signup and view all the answers

What significant change does the coupling model provide compared to earlier models?

Introduces two-way lines of communication. Signup and view all the answers

Which aspect did the integrated model prioritize in the new product development process?

Integration of various functions from the start. Signup and view all the answers

How does the network model operate in the context of innovation?

Draws on both internal and external resources for development. Signup and view all the answers

What is a key assumption of open innovation?

Firms can enhance their technology using external and internal ideas. Signup and view all the answers

What does the phenomenon of growing mobility of skilled people suggest for knowledge management?

Firms need to accept that knowledge cannot stay internal. Signup and view all the answers

Which of the following features is NOT associated with open innovation?

Emphasis on first mover strategy. Signup and view all the answers

What trend has influenced companies to look outside for innovation and capabilities?

Increased emphasis on consumer choice. Signup and view all the answers

What is a primary goal of managing intellectual property within the open innovation framework?

Facilitating external collaboration while protecting assets. Signup and view all the answers

Study Notes

Introduction

This document outlines a course plan for MGMT 307, focusing on experiencing entrepreneurship
The curriculum spans 12 weeks, starting on July 9th and ending on October 8th
The plan includes lectures, guest sessions, and a mid-term break

Course Overview

The course explores the 'Generic Model of the Innovation Process'
It delves into the evolution of innovation models:
- Linear Models (Technology Push & Demand Pull)
- Coupling Model
- Integrated Model
- Network Model
- Open Innovation

Linear Models

Technology Push Model: (1950s --- Mid 1960s) - emphasizes research and development, leading to new products
Market Pull Model: (Mid 1960s --- Early 1970s) - focuses on identifying and responding to market needs and demands

Coupling Model

Introduced in the early 1970s and lasted until the mid-1980s
Emphasizes feedback loops and two-way communication between market needs and technological advancements
Rejects strictly linear approaches and encourages integration

Integrated Model

Adopted in the early 1980s and continued into the early 1990s
Prioritizes concurrent or parallel product development
Emphasizes project teams that integrate various functions from the beginning of the process
Promotes early discussion of manufacturing issues

Network Model

The network model encourages companies to collaborate and build alliances with other companies
This approach allows companies to tap into a wider range of capabilities and expertise
It offers a more flexible and adaptable approach to innovation

Open Innovation

Open innovation recognizes that no company can solely possess all the best knowledge and expertise
It emphasizes both external and internal ideas and paths to market
It acknowledges the importance of accessing external knowledge and expertise through networking
It recognizes alternative innovation strategies beyond being the first mover
Open innovation requires careful management of intellectual property

Erosion Factors Favoring Open Innovation

The growing mobility of skilled professionals makes it challenging to retain knowledge within a single company
The increasing globalization of markets and competition demands access to a wider range of resources and expertise
Open innovation helps companies adapt to these changing dynamics and stay competitive.

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Description

This quiz covers the key concepts of innovation models as outlined in MGMT 307. It reviews various models including Technology Push, Market Pull, and Coupling Models, examining their evolution and implications for entrepreneurship. Test your understanding of these essential theories in the innovation process.