Lectures

by
141 Flashcards & Notes
3 Students
  • This summary
  • +380.000 other summaries
  • A unique study tool
  • A rehearsal system for this summary
  • Studycoaching with videos
Remember faster, study better. Scientifically proven.

PREMIUM summaries are quality controlled, selected summaries prepared for you to help you achieve your study goals faster!

Summary - Lectures

  • 1 lecture 1; introduction

  • innovation in one single word

    1.       Creativity;

    2.       Change;

    3.       Transformational;

    4.       Different; and

    5.       New.

  • drive innovation

    o   Decreasing product life cycles (due to developments in ICT);

    o   Increasing global trade (due to Internet);

    o   Rapid distribution of information and education (due to easy access); and

    o   Reduced cost of entry into markets and industries (Internet reduces boundaries).

  • Innovation (article)
    Multistage process whereby organizations transform ideas into new/improved products, services or processes, in order to advance, compete, and differentiate themselves successfully in their marketplace.
  • types of innovation
    1. product innovation
    2. process innovation (new production/delivery)
    3. marketing innovation (new method)
    4. organizational innovation (new process)   
  • Why is innovation important?
    • to meet customer needs
    • strengthen and expand product portfolio
    • creating tehcnologies, products and solutions that will improve productivity, efficiency and flexibility
    • collective innovation into work
    • finding the best sustainable and commercially viable solutions to market needs
  • Strategic entrepreneurship (article)
    A firm should opt for a balance between opportunity seeking (exploration) and advantage seeking (exploitation)
  • 2 lecture 2; Innovation process

  • Three components of creativity
    Expertise, creative thinking skills, motivation
  • intuition, hunches, hypotheses

    ·         Visioning. Imagining an ideal future, guided by long-term goals;

    ·         Exploring. Questioning assumptions, discover new possibilities;

  • facts, details, data

    ·         Modifying. Refining, improving what has already been done; and

    ·         Experimenting. Combining new ideas and testing them.


     

  • Alpha-test
    • Technical test, 
    • performed by the manufacturer; 
    • copying user situations as carefully as possible in the laboratory; 
    • test whether the product meets the specifications.
  • key launch decision
    • Market launch (marketing activity)
    • Strategic launch decisions (launch objective, newness of product, timing, choice of target market)
    • Tactical launch decisions (product, distribution, price, communication)
  • Beta-test
    • Market test, 
    • performed by potential customers; 
    • test whether the product functions in real-life situations; 
    • often used for promotion.
  • announcing products

    o   Creating excitement;

    o   Convincing potential buyers to postpone their purchase;

    o   Allowing buyers to get ready for the purchase (e.g. by saving money or making required investments);

    o   Encourage suppliers to develop new components;

    o   Preparing the distribution channels; and

    o   Scaring off the competition.

  • Basic process model (Booz, Allen & hamilton)
    • New product strategy development
    • Idea generations
    • screening and evaluation
    • business analysis 
    • development
    • market testing
    • commercialization
  • Stage-gate model (Cooper)
    • Idea
    • Gate 1 (initial screen)
    • Stage 1 (priliminary investigation)
    • Gate 2
    • Stage 2 (detailed invesitgation build business case)
    • Gate 3 (decision on business case)
    • Stage 3 (development)
    • Gate 4 (post development review)
    • Stage 4 (testing and validation)
    • Gate 5 (pre-commercialization)
    • Stage 5 (full production & market launch)
    • Post implement review
  • strategic launch
    • early in development stage
    • launch objective (expand product range, increase market penetration)
    • newness of the product (new or improved)
    • timing (pioneer or follower)
    • choice of market (mass or nich market)
    • decision depends on newness, experience, competition, resources)
  • tactical launch
    • late in development stage
    • product (branding, depth of product range, packaging)
    • distribution (channel selection, delivery conditions)
    • price (skimming or penetration pricing)
    • communication (budget, instruments, push/pull)
Read the full summary
This summary. +380.000 other summaries. A unique study tool. A rehearsal system for this summary. Studycoaching with videos.

Example questions in this summary

innovation in one single word
2
drive innovation
2
Three components of creativity
2
intuition, hunches, hypotheses
2
Page 1 of 26