Strategic Innovation Process Quiz

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Questions and Answers

What is the primary focus of strategic innovation?

Predicting the future based on past data

Brainstorming new ideas

Incremental product extensions

Reinventing corporate strategy (correct)

How does strategic innovation differ from 'me-too' business models?

It relies on brainstorming new ideas

It is not characterized by incremental product extensions (correct)

It only focuses on strategic planning

It predicts the future based on past data

What is the approach of strategic innovation towards predicting the future?

It spans a journey of inquiry and activity (correct)

It relies on the linear principle of strategic planning

It focuses only on industry foresight

It is based on pure blue-sky thinking

How does strategic innovation blend non-traditional and traditional approaches to business strategy?

By deploying industry foresight and strategic alignment as a foundation Signup and view all the answers

What differentiated Canon from Xerox in the copier market?

Price and quality Signup and view all the answers

What was the main element of Apple's strategy in the computer business?

Targeting corporations as customers Signup and view all the answers

How did Deli Computer sell its products to the end consumer?

Through retail stores Signup and view all the answers

What was the new distribution outlet created by Hanes Corp for women’s pantyhose?

Supermarkets and drugstores Signup and view all the answers

What is the purpose of the 'Crazy 8s' exercise?

To create eight different variations of the strongest solution in eight minutes Signup and view all the answers

What is the purpose of the 'Heat Map' step in making a decision for the best solution to prototype?

To assign three dot stickers to the most creative solutions Signup and view all the answers

What is the purpose of Lightning Demos in the ideation process?

To encourage research on competitors and existing products Signup and view all the answers

What is the purpose of the 'Art Museum' step in making a decision for the best solution to prototype?

To showcase the sketches on a wall and create an art gallery Signup and view all the answers

What makes an innovation 'strategic'?

When it creates a significant difference in the value delivered to consumers, customers, partners, and the corporation Signup and view all the answers

What led to significant shifts in market share according to the text?

Companies changing the rules of the game through strategic innovation Signup and view all the answers

What differentiated Canon from Xerox, IBM, and Kodak in the copier market?

Canon decided to play the game differently and adopted a unique strategy Signup and view all the answers

What characterized Xerox's strategy in the copier market?

Segmenting the market by copier volume and targeting the high-speed copier market Signup and view all the answers

Study Notes

Strategic Innovation

The primary focus of strategic innovation is to create unique business models that differentiate a company from its competitors.
Strategic innovation differs from 'me-too' business models by introducing new and innovative solutions to the market, rather than simply copying existing ones.

Predicting the Future

Strategic innovation involves predicting the future by anticipating and planning for future changes in the market, customer needs, and technology.

Blending Approaches

Strategic innovation blends non-traditional and traditional approaches to business strategy by combining analytical tools with creative and innovative thinking.

Company Examples

Canon differentiated itself from Xerox in the copier market by introducing a smaller, more affordable copier that was more suitable for individual use.
Apple's strategy in the computer business focused on creating a user-friendly and aesthetically pleasing product that appealed to a wider range of consumers.
Deli Computer sold its products directly to the end consumer, bypassing traditional distribution channels.
Hanes Corp created a new distribution outlet for women's pantyhose, selling them through vending machines in shopping malls.

Innovation Tools

The 'Crazy 8s' exercise is a tool used in strategic innovation to generate a large number of ideas quickly and efficiently.
The 'Heat Map' step is used to identify the most promising solutions to prototype by evaluating them based on their potential impact and feasibility.
Lightning Demos are a tool used in the ideation process to quickly and effectively communicate ideas and gather feedback.
The 'Art Museum' step is used to evaluate and refine solutions by creating a visual representation of the ideas and gathering feedback from stakeholders.

Strategic Innovation Characteristics

An innovation is considered 'strategic' if it has a significant impact on the company's competitive position and market share.

Market Shifts

Significant shifts in market share are often the result of strategic innovation, where companies anticipate and respond to changing market conditions and customer needs.

Company Comparisons

Canon differentiated itself from Xerox, IBM, and Kodak in the copier market by introducing innovative and affordable products that appealed to a wider range of customers.
Xerox's strategy in the copier market was characterized by a focus on high-quality, high-end products that were often too expensive for individual users.

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Description

Test your knowledge about strategic innovation, including its systematic approach, intentional and repeatable process, and the creation of significant value for consumers and corporations.