Chp 2 Innovation Management: Fundamentals

Question 1

Product Innovation

Answer 1

Product innovations are considered to be products or product concepts that customers perceive as being new

Question 2

Categorizarion of Innovation

Answer 2

1. Radical Innovation
2. Incremental Innovation

Question 3

Radical Innovation

Answer 3

“A radical innovation is such a major change
that represents a new paradigm for carrying
out some task

Question 4

Incremental Innovation

Answer 4

An incremental innovation is a change that
represents an improved way of carrying out
some task

Question 5

Categorization of Innovations/technologies

Answer 5

1. Disruptive technologies
2. Sustainable technologies

Question 6

Disruptive technologies

Answer 6

Improvement of a product in ways that the
market does not expect
 Create new markets and value networks
 May initially offer less of what customers inestablished markets want
 Have the potential to displace earlier
technologies

Question 7

Sustainable technologies

Answer 7

Evolve existing markets with better
value
 Targeted at customer needs in
existing markets
 Can be discontinuous or continuous
and may appear suddenly

Question 8

What is meant that sustainable technologies as part of innovation can be discontinous or continous?

Answer 8

Discontinuous Innovation (Radical or Revolutionary):

Definition: Discontinuous innovation involves significant and often transformative changes to existing products, processes, or services. It represents a departure from the current technology or paradigm, introducing entirely new concepts, architectures, or approaches.

Characteristics:
Represents a fundamental shift in thinking or technology.
Often requires new knowledge, skills, or approaches.
May lead to the creation of entirely new markets

Continuous Innovation (Incremental or Evolutionary):

Definition: Continuous innovation refers to small, incremental improvements or changes made to existing products, processes, or services. These improvements are usually within the existing framework or technology and are part of an ongoing effort to enhance performance, add features, or increase efficiency.
Characteristics:
Builds upon the current state of technology.
Involves gradual improvements.
Typically, existing knowledge and expertise are leveraged.

Question 9

Stages and Concepts of Innovation Management

Answer 9

1. strategic context of innovation
2. idea generation
3. concept definition
4. concept evaluation and selection
5. market launch