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Flashcards in Enactment of Technological Innovation Strategy Deck (34)
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1
Q

What is a Business Model?

A

Encapsulates the rationale of how an organization generates, delivers and captures value. Emerges from a viable business strategy

2
Q

What are the four characteristics of successful business models?

A

Effective, Efficient, Differentiated and Inimitable

3
Q

What does ‘Effective’ as a characteristic of successful Business Model mean?

A

Extent to which conversion from value creation to firm-specific returns is optimized

4
Q

What does ‘Efficient’ as a characteristic of successful Business Model mean?

A

Extent to which cost of conversion from value creation to firm-specific returns is low

5
Q

What does ‘Differentiated’ as a characteristic of successful Business Model mean?

A

Extent to which value system differs from those of immediate rivals

6
Q

What does ‘Inimitable’ as a characteristic of successful Business Model mean?

A

Extent to which value system is hard to replicate

7
Q

What is a ecosystem?

A

Dynamic structure comprising interconnected and mutually supportive parties which influence the system

8
Q

What are the 3 elements in Formulating an Ecosystem Strategy?

A

Assessing Initiative Risks, Interdependence Risks and Integration Risk

9
Q

What is ‘Initiative Risks’ ?

A

Extent to which innovations are delivered on budget, on time and according to specifications -> Is there sufficient value for money?

10
Q

What is ‘Interdependence Risks’ ?

A

Extent to which complementary innovations have been developed and deployed in the marketplace.
Whose projects must succeed before yours can?

11
Q

What is ‘Integration Risks’ ?

A

Who has to adopt the solution before the customer can?

12
Q

What are Platforms?

A

Technology enabling the derivation of products, services and processes that augment present or future innovation

13
Q

What 3 categories of Platforms exists?

A

Internal Platforms, Supply Chain Platforms and External Platforms

14
Q

What is ‘Internal Platforms’ ?

A

A firm, either working by itself or with suppliers, can build a family of related products or sets of new features, thus ultimately seeking to lower costs of production.

15
Q

What is ‘Supply Chain Platforms’ ?

A

A set of firms follow specific guidelines to supply intermediate products or components to the platform owner or the final product assembler

16
Q

What is ‘External Platforms’ ?

A

Products, services, or technologies developed by one or more firms, and which serve as foundations upon which a larger number of firms can build further complementary innovations and potentially generate network effects

17
Q

What 5 types of Platforms exists?

A

Product, Process, Customer, Brand and Global platforms

18
Q

What is a ‘Product Platform’ ?

A

Common and evolving structural elements from which a series of derivative products or services can be innovated, developed and deployed.

19
Q

What is a ‘Process Platform’ ?

A

Specific arrangements of business processes to deliver value-adding products or services  routines or systems

20
Q

What is a ‘Customer Platform’ ?

A

Customer segment from which to establish a point of entry to an untapped market  bundling, cross-selling, upselling and co-branding.

21
Q

What is a ‘Brand Platform’ ?

A

Conveys the central value proposition of products or services to achieve coherence and clarity in positioning

22
Q

What is a ‘Global Platform’ ?

A

Core standardized offering of a product or service globally

23
Q

What is Servitization?

A

To augment core products and services with supplementary services to generate alternate revenue streams

24
Q

What 4 types of Service Innovations exist?

A

Flexible Solutions, Controllable Convenience, Comfortable Gains and Respectful Access

25
Q

What is a ‘Flexible Service Innovation’ ?

A

Offers a new core benefit which can be consumed apart from where and when they are produced

26
Q

What is a ‘Controllable Service Innovation’ ?

A

Creates markets on the basis of new delivery benefits, that is providing value via offering a product or service, that before was not present or too time-consuming for the customer to find by own hand

27
Q

What is a ‘Comfortable Service Innovation’ ?

A

Offers a new core benefit consumed at time and place of production

28
Q

What is a ‘Respectfull Service Innovation’ ?

A

Offers a new delivery benefit and that the production and consumption of the service are inseparable

29
Q

What is wisdom of the crowd?

A

Collective intelligence from a group of people is, on average, more insightful than knowledge elicited from a single individual.

30
Q

How many types of online creative communities are there?

A

Crowds, Hives, Mobs and Swarms

31
Q

What is a ‘Crowd’, as an Online Creative Community?

A

Communities comprising large, organized groups who gather or are gathered together specifically to plan, manage, and/or complete tractable and well-defined projects

32
Q

What is ‘Hives’, as an Online Creative Community?

A

Communities whose members not only contribute to the community, but also produce innovations to respond to particular challenges or to meet specific project goals

33
Q

What is ‘Mobs’, as an Online Creative Community?

A

Communities whose members have a high concentration of innovation, but these contributions are geared towards communo-ludic spirit and lifestyle exchange

34
Q

What is ‘Swarms’, as an Online Creative Community?

A

Communities consisting of collections of often-multitudinous yet individualistically small contributions that occur as a part of natural or free-flowing cultural or communal practices