Pursuing strategies

Question 1

innovation definition

Answer 1

improved product e.g velodrome bike over or iphone 15

Question 2

Invention definition

Answer 2

a new product e.g penny farthing or first ever phone

Question 3

what does product innovation have

Answer 3

extra benefits for the consumer e.g upgrades to the item

Question 4

what does process innovation do

Answer 4

streamline production so costs are lower, which can be passed onto the customer in the form of lower prices

Question 5

why is innovation important

Answer 5

to stay competitive and profitable

Question 6

what is key to being an innovative business

Answer 6

a positive environment where it is acceptable to fail with secure funding and a sharing attitude

Question 7

What makes an innovative business environment

Answer 7

benchmarking
intrapreneurship
kaizen groups
positive leadership values & strategies
good at listening to customers and employees

Question 8

What is benchmarking

Answer 8

comparison against the best in the field to aid improvement

Question 9

what is intraprenurship

Answer 9

entrepreneurship within a larger organisation

Question 10

How to protect your innovations

Answer 10

Copyright
trademarks
patents
design rights
registered designs

Question 11

What is copyright

Answer 11

automatic
on literary works
lasts 70years after inventors death

Question 12

what are trademarks

Answer 12

registered
on names, logos and jingles
lasting 10 years

Question 13

what are patents

Answer 13

registered
on inventions and products
lasting 20 years

Question 14

what are design rights

Answer 14

automatic
on shapes
lasting 5 years

Question 15

what are registered designs

Answer 15

on shapes, packaging and colours
lasting 5 years

Question 16

emphasis on innovation protection - DYSON

Answer 16

high emphasis
a lack of would increase a potential loss of market share
for Dyson, this could also be a potential revenue stream as they win many of IP lawsuits

Question 17

emphasis on innovation protection - TRUNKI

Answer 17

little/no emphasis
used first move advantage
protection would be ineffective due to its simple design

Question 18

what is disruptive innovation

Answer 18

when new markets are created which replace the old ones and their old technology e.g google over encyclopaedias & uber over taxi ranks

Question 19

Innovation impact on HR

Answer 19

a positive culture needs to be developed for it to occur

Question 20

Innovation impact on Finance

Answer 20

have to have finance available to fund projects which may not necessarily work

Question 21

Innovation impact on Operations

Answer 21

new/more project managers needed

Question 22

Innovation impact on Marketing

Answer 22

initial stimuli of market research required

Question 23

What are the pressures for innovation

Answer 23

PESTLE-C

Question 24

causes of internationalisation

Answer 24

trade agreements
improvements in transport
improvements in communication

Question 25

opportunities of internationalisation

Answer 25

importing exporting offshoring

Question 26

why would a business want to sell overseas

Answer 26

to increase the size of the target market to reduce risk by expanding into other national markets

Question 27

methods of entering international markets

Answer 27

exporting licensing - selling rights to an overseas business for them to produce under your name joint ventures - overseas partnerships direct investment - investing in production facilities etc overseas

Question 28

factors influencing the attractiveness of markets

Answer 28

size and growth of market costs of entering cultural similarities level of competition perceived risk impact of overseas growth

Question 29

reasons for producing abroad

Answer 29

cheaper closer to resources closer to market specific skills of an area may overcome barriers to trading

Question 30

reasons for re-shoring

Answer 30

quality issues delivery issues fall in cost difference desire to create jobs locally

Question 31

reasons to offshore

Answer 31

pressure for growth pressure for lower costs location politics/economics

Question 32

what do Bartlett and Ghoshal do to help managers

Answer 32

provide strategies for managing overseas/international businesses

Question 33

Bartlett and Ghoshal: low pressure for local responsiveness + low pressure for global integration

Answer 33

international

Question 34

Bartlett and Ghoshal: high pressure for local responsiveness + low pressure for global integration

Answer 34

Multi-domestic

Question 35

Bartlett and Ghoshal: high pressure for local responsiveness + high pressure for global integration

Answer 35

Transnational

Question 36

Bartlett and Ghoshal: low pressure for local responsiveness + high pressure for global integration

Answer 36

Global

Question 37

Bartlett and Ghoshal: international strategy

Answer 37

products are not adapted, just sold abroad

Question 38

Bartlett and Ghoshal: multidomestic strategy

Answer 38

regions manage themselves independently, locally responsive

Question 39

Bartlett and Ghoshal: global strategy

Answer 39

centralised, standardised products allowing for economies of scale

Question 40

Bartlett and Ghoshal: transnational strategy

Answer 40

sharing knowledge, expertise and responsibility between regions

Question 41

risks of internationalisation:

Answer 41

cultural differences different decision making styles ethical standards anti-globalisation feelings instability of the country

Question 42

Digital technologies

Answer 42

ERP E-commerce Big data Data mining

Question 43

What is ERP

Answer 43

enterprise resource planning is a software to manage data.

Question 44

What is data mining

Answer 44

the process of breaking down big data to find correlations and patterns

Question 45

what should ERP do

Answer 45

increase productivity and efficiency by ensuring resources are best allocated faster response and flexibility

Question 46

impacts of digital technology

Answer 46

improvement of communication and the availability of information better management enabling new ways of doing business changes in HR

Question 47

challenges of digital technology

Answer 47

leadership & control of tech culture changes the rate of change will increase

Question 48

pressures to adopt digital technology

Answer 48

to keep up with the market need to keep pace with competitors need to keep costs down

Question 49

threats of digital technology

Answer 49

easier for consumers to compare prices, squeezing profit margins unexpected competitors rapid change

Question 50

impact of digital tech on HR

Answer 50

changes in skills needed of employees nature of jobs may change from intuition to scientific

Question 51

impact of digital tech on Marketing

Answer 51

more data to be gathered more personalised and efficient marketing

Question 52

impact of digital tech on OPS

Answer 52

ERP - greater efficiency, less waste, better cash flow