Strategic Innovation Management - Chapters 1 & 2
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Questions and Answers

What does the acronym SWOT stand for in the context of an integration strategy?

  • Strategy, Weaknesses, Opportunities, Threats
  • Strengths, Weaknesses, Opportunities, Threats (correct)
  • Strength, Organization, Weaknesses, Tactics
  • Sales, Weaknesses, Opportunities, Training

    • Which of the following best describes dynamic capability?

  • The capacity of an organization to only improve its core competencies
  • The ability to maintain existing resources without change
  • The capability to reduce costs while maximizing profits
  • The ability of an organization to purposefully create, extend, or modify its resource bases (correct)

    • Which innovation area emphasizes the importance of core competency and incremental improvements?

  • Position
  • Paradigm (correct)
  • Product
  • Process

    • What might a firm do to prevent its core competencies from becoming core rigidities?

    <p>Adopt new technologies and adapt to changes</p> Signup and view all the answers

    In the context of innovation, what does a differentiated menu refer to?

    <p>Offering a unique variety while focusing on one core product</p> Signup and view all the answers

    What is the primary reason customers make a purchase decision?

    <p>The benefits the product provides</p> Signup and view all the answers

    Which step is NOT part of the aggregate product plan?

    <p>Defining customer needs</p> Signup and view all the answers

    What is a success factor related to product commercialization?

    <p>Clear product definition</p> Signup and view all the answers

    Which of the following is considered a common approach to generating product concepts?

    <p>Market experimentation</p> Signup and view all the answers

    Which approach is NOT commonly used for project selection?

    <p>Market segmentation</p> Signup and view all the answers

    What distinguishes service operations from manufacturing operations?

    <p>The need for customer contact</p> Signup and view all the answers

    Which of the following is a method used for product development?

    <p>Quality function deployment (QFD)</p> Signup and view all the answers

    What are the two primary costs associated with not selecting the best project?

    <p>Resource costs and opportunity costs</p> Signup and view all the answers

    What process is involved when users drive incremental innovation?

    <p>Extreme users providing valuable feedback</p> Signup and view all the answers

    Which option best describes how crises can influence innovation?

    <p>They expose weaknesses in existing systems.</p> Signup and view all the answers

    In design-driven innovation, the iterative process involves which of the following?

    <p>Switching between development and feedback phases.</p> Signup and view all the answers

    What is the purpose of scenario analysis in forecasting?

    <p>To prepare for uncertain future events through simulations.</p> Signup and view all the answers

    Which source of innovation is driven by customer needs?

    <p>Need pull</p> Signup and view all the answers

    What is the primary focus of operational optimization in sustainability-led innovation?

    <p>Achieving eco-efficiency</p> Signup and view all the answers

    Which innovation outcome is associated with organizational transformation?

    <p>Creates shared value</p> Signup and view all the answers

    What is the approach associated with systems building in sustainability-led innovation?

    <p>Fostering societal change</p> Signup and view all the answers

    How does sustainability-led innovation (SLI) impact the innovation process model?

    <p>It poses new challenges across the model.</p> Signup and view all the answers

    Which dimension relates to how a firm views itself in the context of society?

    <p>Insular vs. systemic views</p> Signup and view all the answers

    What is a key characteristic of a good scenario in innovation?

    <p>It should be differentiated among others.</p> Signup and view all the answers

    What is implied by 'push and pull' in the context of innovation?

    <p>A balance of both is necessary for effective innovation.</p> Signup and view all the answers

    What does the term 'co-evolution' refer to in an innovation context?

    <p>Different elements converging on a particular solution.</p> Signup and view all the answers

    What does open innovation encourage businesses to do?

    <p>Source ideas from both external and internal sources.</p> Signup and view all the answers

    What role do 'innovation networks' play in a firm's innovation strategy?

    <p>They act as extended intellectual assets for problem-solving.</p> Signup and view all the answers

    Which strategy may lead to incrementalism in innovation?

    <p>Emphasizing process improvements over product innovations.</p> Signup and view all the answers

    How can organizations enhance their absorptive capacity?

    <p>By recognizing, assimilating, and applying external knowledge.</p> Signup and view all the answers

    Which factor is least necessary for exploring uncharted territories in innovation?

    <p>Maintaining a rigid adherence to traditional methods.</p> Signup and view all the answers

    What is the primary focus of a robust business model?

    <p>Defining the value proposition and cost aspects</p> Signup and view all the answers

    Which trend emphasizes the shift from owning to renting in business models?

    <p>'Rent not own'</p> Signup and view all the answers

    What does 'servitization' mean in the context of business model innovation?

    <p>Reframing manufacturing operations as service offerings</p> Signup and view all the answers

    What is a key aspect of effectively managing innovation?

    <p>Capturing and reflecting on experiences</p> Signup and view all the answers

    What is required before developing innovative capability?

    <p>An audit of current capabilities</p> Signup and view all the answers

    Which of the following statements is true regarding innovation?

    <p>An innovation must create value to be considered successful</p> Signup and view all the answers

    Successful innovation requires which of the following?

    <p>Strategic organization and management of processes</p> Signup and view all the answers

    Who primarily makes adoption decisions for products?

    <p>Individuals and collectives</p> Signup and view all the answers

    Study Notes

    Strategic Innovation Management - Chapter 1

    • Innovation is the process of creating value from ideas.
    • There are differences in the novelty of changes introduced.
    • Different levels of innovation exist, ranging from changing components to altering overall systems.
    • Innovation involves making changes to create value, including social value.
    • Entrepreneurs identify opportunities and take risks.
    • Joseph Schumpeter is an important theorist on innovation.
    • Organizations leverage existing knowledge for innovation.
    • Economic growth is directly tied to innovation according to William Baumol.
    • Innovation is an ongoing process.

    Strategic Innovation Management - Chapter 2

    • Innovation strategy provides a framework.
    • Analyze the innovation space.
    • Identify threats and opportunities.
    • Spot where and how to create and expand markets.
    • Innovate on existing products/services or provide established products/services in new ways.
    • Examine product, process, position, and paradigm changes.

    Strategic Innovation Management - Chapter 3

    • Sustainable competitive advantage stems from core competencies, not just products.
    • Resource-based view of strategy focuses on valuable, rare, inimitable, and non-substitutable resources.
    • Capabilities encompass the firm's potential to improve, adapt, and innovate.
    • Attributes like regulatory expertise, positional status, and business systems are essential for strategic competencies.
    • Strategic competencies are crucial for maintaining competitive advantage.
    • Identifying key attributes is key for sustainable competitive advantage.

    Strategic Innovation Management - Chapter 4

    • Leadership is crucial for innovation direction.
    • Upper echelons theory emphasizes the importance of top management's assessments of the environment, decisions, and support for innovation.
    • Effective leaders have traits like intelligence, assertiveness, task management, and social competence.
    • Communication of a clear vision is important.
    • A review of 27 empirical studies identified six factors essential for leadership.

    Strategic Innovation Management - Chapter 5

    • Innovation is a process involving multiple stages: searching, selecting, acquiring resources, implementing, and capturing value.
    • Effective team management is crucial.
    • Heterogeneity in teams is beneficial for innovation but careful management can aid in mitigating tensions.
    • Team performance benefits from structure, clear goals, and a supportive environment.
    • Leadership styles should be matched to the tasks and team characteristics.

    Strategic Innovation Management - Chapter 6

    • Innovation involves knowledge pushes and needs pulls.
    • Innovation is particularly important at more mature stages of industry/product life cycles.
    • Innovation in the public sector can be for value rather than profit.
    • Crises can drive innovation and often result in a need for mass customization.

    Strategic Innovation Management - Chapter 7

    • Innovations can take the form of knowledge pushes or need pulls but both usually contribute to innovation.
    • Innovation management deals with uncertainty.
    • All elements of innovation involve internal and external elements.
    • All sources of innovation are push or pull ideas; but most innovations come from the interaction of both.

    Strategic Innovation Management - Chapter 8

    • Forecasting innovation requires both internal and external perspectives.
    • Internal forecasting involves brainstorming, neutral leadership and idea generation.
    • External forecasting utilizes benchmarking, scenario analysis, or the Delphi method.

    Strategic Innovation Management - Chapter 9

    • The trigger for innovation can come from everywhere.
    • Innovation management turns uncertainty into calculated risks.
    • A checklist can be a useful tool for selecting innovations.
    • Models and frameworks for ideations help guide the strategic direction for innovation.
    • Recognizing a firm's comfort zones for innovation is crucial.
    • Innovation projects may come from existing technologies or by the creation of new technologies.

    Strategic Innovation Management - Chapter 10

    • New product or service development involves a series of stages.
    • A structured process of problem-solving is beneficial.
    • The stages focus on improving the process of scanning, and selecting innovations.
    • New products are developed and launched after several stages of testing and evaluation.

    Strategic Innovation Management - Chapter 11

    • SWOT analysis is designed to help assess strengths, weaknesses, opportunities, and threats.
    • Inimitable components can lead to a sustained competitive advantage.
    • The ability to quickly adapt in rapidly changing environments is crucial for success.
    • Assessing organizations' abilities is critical for determining innovation.
    • Using a checklist will help assess the proximity of a venture to existing capabilities.

    Strategic Innovation Management - Chapter 12

    • Diffusion is essential to converting innovations into economic/social benefits.
    • Understanding the adoption process is crucial for innovative products/services.
    • The Bass model analyzes a dual adoption process: individual and interpersonal.
    • Several factors like relative advantage, compatibility, complexity, trialability, and observability influence adoption.

    Strategic Innovation Management - Chapter 13

    • Managing knowledge involves five critical tasks: generating, identifying, storing, sharing/distributing, and embedding knowledge.
    • Tacit and explicit knowledge are important for innovation
    • Communities of practice can facilitate knowledge sharing among people.
    • Understanding different types of knowledge is beneficial.

    Strategic Innovation Management - Chapter 14

    • A business model describes how a firm creates and captures various types of value.
    • A business model serves as a communication tool both internally and externally.
    • Value creation happens through structured processes.
    • There are generic models like product provider, owner-renter, finance provider, system integrator, platform provider, and network provider.

    Strategic Innovation Management - Chapter 15

    • Innovation is more than one-offs and requires a systematic approach, involving both internal and external efforts.
    • Capturing value relies on the understanding of business model.
    • An organization needs a robust business model to plan their value proposition and capture value.
    • Innovation is about strategic decisions.

    Strategic Innovation Management - Chapters 16, 17, 18, 19

    • Lead users are individuals who develop ideas and innovate ahead of the overall market.
    • External users may represent a significant source of innovative ideas.
    • Open innovation involves working with external partners.
    • There is no one ideal innovation strategy; the best path depends on circumstances.
    • Effective innovation requires the engagement of appropriate parties for maximum efficiency.
    • Discontinuous innovation can challenge existing businesses and generate a variety of innovations.

    Strategic Innovation Management - Chapters 20, 21

    • Emerging markets are important drivers of innovation.
    • Sustainability is becoming a greater driver of innovation.
    • Firms must adapt to the new trends.
    • Open innovation encourages the organization to consider wider stakeholders.
    • Firms can use innovation to build capabilities for adapting in a changing environment.

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    FoBI Final Strategic Innovation Management Notes PDF

    Description

    Explore the foundational concepts of innovation management in these chapters, focusing on the value creation process, entrepreneurial strategies, and the roles of key theorists like Joseph Schumpeter and William Baumol. Understand the framework for innovation strategy as well as the importance of analyzing the innovation landscape to identify opportunities and threats.

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