Lecture 4 Flashcards
(22 cards)
Name 3 reasons why innovation management matters.
- innovation is highly risk (most fail)
- resources are limited
- market opportunities are temporary
Name the 4 stept is innovation process.
- search (opportunities)
- select (what and why)
- implement (how)
- capture (how benefit)
What is the goal of using pestle?
Knowing where the market is
What is the goal of 5 forces?
Could you have market power?
What is the goal of RBV?
Are the capabilities and resources good enough to transform the idea into a product?
What are the 5 steps of the life circle management?
- initiate/search for innovative ideas
- select the promising one
- acquire the resources to make it happen
- develop and polish –> evaluate
- bring to market and diffuse to capture value
What are the key elements of leadership?
- vision
- leadership
- determination
What are the key elements of effective collaboration?
- customers
- teamwork
- collaboration
What are the key element of structure and culture?
- trust
- freedom
- shared value
What makes leadership so important?
- Foundation of organization
- builds team and guides them towards goals
What is the difference between transformational leadership and transactional leadership?
- inspires trust and respect to motivate
- system of rewards motivates
What is the relationship between diversity and performance?
Significant and positive but insubstantial
What is the difference between a mechanic model and an organic model? (structure)
- specialization, clear departments, centralization
- cross teams, free flow information
What culture is flexibel and external?
- adaptability culture
- creativity
- high risk, autonomy
What culture is flexibel and internal?
- clan culture
- family
What culture is stable and external?
- achievement culture
- results
- competitive, aggressive
What culture is stable and internal?
- bureaucratic culture
- control
- order, consistency and discipline
What is the con of using your intuition?
Stimulates biases like escalation of commitment
What is the importance of data availability?
- good to make analyses
- more is not always better
What is the difference on innovation between smaller firms and mature ones?
small= nothing to lose, new
mature= everything to lose
What is the stage-gate model?
idea –> concept –> product –> test marketing –> international
What is an alliance?
Arrangement to undertake a mutually beneficial project while each retains its independence
