Module 6 Flashcards
(50 cards)
What is the definition of innovation strategy?
“Determination of the basic long term goals and objectives of an enterprise and the adoption of the courses of action and the allocation of resources necessary for carrying out these goals.”
What are the 3 key factors of innovation strategy?
long term goals
courses of action
allocation of resources
Why is an innovation strategy important?
To improve the success rate of innovative ideas, as only 1 in 3,000 raw ideas typically becomes a successful product.
What is a key principle in innovation strategy timing?
Early information is more valuable than late-stage information.
What is the key challenge of the innovation projects?
generating most valuable information early on in the project - before it’s too late
3 Key Aspects of Analyzing Innovation Strategies
- Technology Analysis
- Demand Analysis
- Competition Analysis
What is “Technology Analysis” about?
What are the latest scientific and technological developments?
What is “Demand Analysis” about?
What market demand is resulting from the identified customer needs?
What is “Competition Analysis” about?
In which innovation and market activities are we present and which interactions with competitors are considered?
What are 2 ways for technology analysis?
- technology monitoring
- technology evaluation
What is the goal of technology monitoring?
To identify
- the latest scientific and technological developments
- consequences for a company and its technological competences
What is the goal of technology evaluation?
- To assess the mid- and long-term potential of technologies
- To decide if we should continue to invest in technology x or should we change to a new technology
What are the 4 steps of technology monitoring?
- Identification
- Selection
- Assessment
- Dissemination
What tool helps determine the right time to switch technologies?
The S-Curve model.
Name a problem the S-Curve helps avoid.
Overestimating current technology and misinterpreting market signals.
Name 4 problems the S-Curve helps avoid.
- currently used technology is over-estimated
- R&D budgets are linked to revenues
- misinterpretation of market signals due to biased attitude
- lack of flexibility of historically grown organizational structures and cultures
How does the competition between “old“ and “radically new“ products affect the “old” products?
Competition between “old“ and “radically new“ products may trigger a (terminal) high innovation rate in “old“ products.
What are limitations of the S-Curve?
Issues with input variable, performance varible, curve reliability, and application to future projections.
- The S-Curve is helpful as a tool for ____ analysis
- The S-Curve interpretation is more reliable for ____ data
explorative
historic
What is the key question in demand analysis?
What are the needs of potential customers?
What challenge is faced in identifying customer needs?
Customers may not fully know or express their needs.
You need to know what you want to find out ____ starting to randomly collect the data.
before
What analysis method is used for long-term forecasting?
How will the market/ technology develop in the long run?
Delphi Analysis
What are the steps of the Delphi Analysis?
- Choice and formulation of problem
- Identification of participating experts
- Experts receive and fill out a questionnaire
- Questionnaires are evaluated
- Request to justify responses that deviate from average
- Feedback to experts
- Delphi projection
Loop (until convergence or stability of result)
