Innovation- Strategy

What are the three main phases identified in New Product Development (NPD)?

• Planning, production, distribution

• Testing, analysis, launch

• Research, development, marketing

• Idea generation, product design, implementation

'Creative destruction'—what does it involve?

• Replacing old with new and more efficient processes

• Collaborating with competitors for innovation

• Enhancing existing products through innovation

• Focusing on customer needs for innovation

What is the key role in creative destruction according to the text?

• Incremental improvements in existing products

• Technological innovations that beat existing products

• Financial investments in new ventures

• Market research for new product ideas

What is the Innovator's Dilemma and why do established companies face it?

• Resistance to change in organizational culture

• Lack of financial resources for innovation

• Failure to adopt disruptive technologies due to focus on existing customers

• Inability to attract top talent for innovation

What are disruptive technologies and how do they impact existing industries?

• Innovations creating new markets or altering existing ones significantly

• Technologies that sustain existing products without change

• Products that are not well received by consumers

• Inventions that have minimal impact on the market

What is the central component of the Business Model Canvas?

• Value proposition

• Revenue streams

• Cost structure

• Customer relationships

What is improvisation in the context of innovation?

• Avoiding experimentation and trial and error

• Spontaneously creating or adapting solutions to address immediate challenges

• Following a strict plan without any flexibility

• Relying solely on traditional methods for problem-solving

What is the role of firms in a service-centred view?

• To focus on mass production of goods for profit

• To outsource all services to third-party providers

• To provide customized services rather than sell units of output

• To prioritize price over customer satisfaction

What is the concept of Frame Innovation?

• Addressing open, complex, dynamic, and networked problems in a holistic manner

• Achieving temporary fixes by using old problem-solving techniques

• Applying new methods of problem-solving to complex and interconnected issues

• Tackling problems in little pieces and then putting them back together

What is the purpose of 'clusters' ?

• To limit interactions between related activities

• To reduce competition among firms in the same sector

• To isolate firms from each other for individual growth

• To create networks and density for sparking innovation