Innovation Flashcards
(22 cards)
What is product innovation?
Developing and improving products
What is process innovation?
Innovating the production process
What does innovation lead to?
Competitive advantage
What is an example of the razor and blade model?
Cheap coffee machine
Expensive coffee e.g Nespresso
What is intrapreneurship?
When the firm encourages innovation from all workers
What are 3 types of intellectual property?
Patents
Trademarks
Copyright
What is intellectual property?
Can’t copy and makes people think of new ideas
What do patents relate to?
Inventions/designs/processes
How long do patents last?
Up to 20 years
What does copyright relate to?
Artistic property - songs, books and films
Normally the creative industry
What are trademarks for?
Slogans and names
What does intellectual property do?
Protect you and allow you to do business e.g sell the rights etc
How does intellectual property link to 3.5?
Links to the non-current assets on income statement as intellectual property is a non-current asset
What is kaizen?
Continuous improvement driven by workers
How can kaizen be done?
By process innovation
What is kaizen fundamentally for a business?
Risky as you change the culture of the business
What are the 4 factors of production?
Land
Labour
Capital
Enterprise (people)
What is intrapreneurship in terms of what the staff need to do?
Be risky and think creatively
What is benchmarking?
Looking at industry figures and competitors and basing objectives/targets off these stats
What is R&D?
Research and development
What does research and development mean?
Spending money on research
Which 2 out of 4 innovation strategies are about culture of the business?
Kaizen
Intrapreneurship
