Exam (elaborations)
Exam questions and answers Product and Innovation Management
- Course
- Institution
Exam of 41 pages for the course Product Innovation in Marketing at UA
[Show more]
2 reviews
By: handlepalmtop0z • 5 months ago
Honestly, all of these answers are in the slides.
By: mohammeda2 • 5 months ago
Seller
Follow
maxinedecruyenaere
Reviews received
Content preview
PIM: examenvragenChapter 1: Innovation as a business process 2
Introduction to the innovation theory for marketing purposes 2
Introducing innovation 2
Managing innovation 3
Measuring innovation success 5
The innovation dilemma: pioneering or following? 5
Chapter 2: Understanding innovation solutions 6
Radical vs incremental innovation solutions 6
Sources of innovation 8
Innovation drivers for retailing 9
Chapter 3: Creating new products and services 10
The role of creativity for innovation 10
New product development 15
Service innovation 24
Design thinking to encourage innovation 25
Chapter 4: Capturing the benefits of innovation 25
Creating value through innovation 25
Absorptive capacity 26
Chapter 5: Learning from innovation 28
Innovation and firm performance 28
Choosing a business model 30
Innovation management capability 30
Chapter 6: Open innovation and collaboration 30
Open innovation versus co-creation 30
Advantages and risks of firm’s collaboration and co-creation 32
Consumer-led innovations: lead user research 33
Chapter 7: Customer acceptance of innovation 33
Technology acceptance model (TAM) 33
TAM - extensions for marketing research 34
Technology adoption life cycle and diffusion 34
Factors influencing innovation adoption 35
Chapter 8: Smart consumers 35
Smart environment 35
Influence on consumer decision-making throughout the customer journey 37
Consumers’ experience and interaction 37
Chapter 9: Technology-driven forms of marketing 38
Digital marketing 38
Social media marketing 39
Guest lecture questions: 40
Alpro 40
Jules Destrooper 41
,Chapter 1: Innovation as a business process
Introduction to the innovation theory for marketing purposes
1. Explain how innovation theory forms a new approach for marketing on the one
hand and elaborate on how marketing theory can fuel innovation success.
The past decade there has been an increased interest in technology-based innovation
strategies for improving marketing management. This has resulted in the adoption of
different approaches for marketing strategies, innovation being one of them. Innovation
theory is a relatively new approach for marketing research and is increasingly acquiring the
attention of academics and practitioners alike. It is traditionally employed by business and
management practitioners and scholars to describe and understand the extent to which
innovations can be successfully managed and engaged within an organization facing
environmental changes. It includes:
- classification of innovation (radical vs incremental)
- diffusion
- life cycle
- adoption
- …
Businesses need marketing insights to manage emerging technologies that can address
consumers’ desire to enjoy more engaging experiences in omnichannel environments. This
is because emerging technologies are dramatically changing the marketplace in which
companies perform. But there are a few challenges that come with this:
- in the heterogeneity of the possible innovative solutions, it is challenging to select the
efficient solution/stimuli that fit the consumers’ expectations and organizational
purposes
- aiming to design new, more cost effective and superior experiences for customers
while handling multiple channels can be challenging
- up until recently willingness to accept these innovations has been the marketing
focus, this should be extended to an innovation process perspective analysing the
retail industry.
Conclusion: Innovating in marketing, as a process innovation, encounters risks, effort and
investments, as well as changes in business models, while marketing theory needs to evolve
accordingly.
Introducing innovation
2. What are the 2 main theoretical perspectives to study innovation as a process?
Explain!
Innovation, to be truly effective, has to be pervasive and consistent in an organization. It
requires a clear marketing focus and a superior understanding of the customers needs.
Innovation and marketing need to be strongly connected and have to be managed from a
systemic viewpoint as a business process in order to tackle marketing challenges more
creatively, by generating product-centered as well as market-centered insights.
,The 2 main theoretical perspectives to study this innovation business process are: the
resource based view and the knowledge based view.
- The resource based view: the development of learning and innovation capability is
based on the management of innovation asymmetries of processes related to the
intangible resources useful to create differential value. The basis for competitive
advantage lies primarily in the application of a bundle of valuable resources at the
firm's disposal.
- The knowledge based view: It is down to the ability of the entrepreneur to define the
best practice of intangible resources in order to create a competitive advantage.
Knowledge is considered the most strategic resource of the firm. It is difficult to
imitate, socially complex, immobile and heterogeneous.Organizational learning plays
a key role in the sustainability of competitive advantage; through organizational
learning, organizations create and draw up the essential knowledge to be proactive in
the environment in which they operate.
- organizational learning through routines because routines are repositories of
knowledge: strongly linked to past experience and to the historical lineage of
the firm (but because of this also seen as a restriction on innovation)
- individual differential resources need to be integrated on an organizational
level (stylist and movie director f.e., on their own they add no value, together
they can.)
It is the ability of synthesis, coordination and the preparation of several resources of
an organization that ensures uniqueness and unrepeatability in the product. this
means that even though the routine is a necessary condition for developing
organizational knowledge, it in itself is not enough to determine innovation behavior
or to ensure creativity in the processes and products.
Managing innovation
3. Describe the model of Picciochi et al. (2009) on the process between creativity and
innovation!
Innovation expresses the entrepreneurial capability to ‘exploit routines’. Creativity lies in the
capability of joining existing elements to new connections that could be useful. The
innovation and creativity departments are closely related. If the creativity (marketing
department) identifies a cognitive process that can generate new solutions, then the
innovation is the product of a complex cognitive process based on selection criteria.
(creativity= input, innovation= output)
The model represents a virtuous circular process between creativity and innovation that
allows entrepreneurs to generate value through its routines. The process starts with the input
of creativity to induce the entrepreneur to generate new ideas (process of generation). The
generated ideas are then evaluated in terms of appropriateness and feasibility; the one that
seems to be more coherent to entrepreneurship and market behavior is selected (process of
selection). Then the implementation if the idea produces product and/or process innovation
(process of developments). The innovation can then enhance creativity again.
4. How can we define “routines” & “core abilities” in the innovation process according
to Tidd & Bessant (2015). Provide 4 examples and explain.
, Successful innovation management is primarily about building and improving effective
routines. An effective routine can develop ways of working that contribute to the spread of
organizational culture. Simple routines (basic abilities such as planning, managing projects
or understanding customer needs) need to be integrated into broader abilities, the core
abilities, which, taken all together, make up an organization’s capability in managing
innovation. Examples of core abilities are:
- Choosing: exploring and selecting the most suitable response to the environmental
triggers which fit the strategy and the internal resource base/ external technology
network
- Executing: managing development projects for new products or processes from initial
idea through to final launch
- Implementing: managing the introduction of change in the organization to ensure
acceptance and effective use of innovation
- Learning: having the ability to evaluate and reflect upon the innovation process and
identify lessons for improvement in the management routines
5. What do innovation managers and entrepreneurs have in common? How would you
define product (innovation) management? and elaborate on their role as leaders and
managers.
There are a lot of parallels between a product manager and an entrepreneur. Such as:
- craft business plan/case to solicit money
- accomplish goals with third parties/ organizational functions over which they have no
direct authority
- prepare independent channels/sales people to advance sales process
- know the emotions, needs, profits and purchase drivers of your customers
- take risk and ownership, tolerance for failure, passionate, focus and
product/customer knowledge
Product management is the entrepreneurial management of a piece of business as a ‘virtual’
company. They are generally accountable for this piece of business without having direct
authority over the entities that make it happen => hard. Product management functions
include:
- upstream functions: new product development (innovation)
- downstream functions: life-cycle management
The product manager’s job is to oversee all aspects of a product or service line so as to
create a strong value proposition and deliver superior customer satisfaction while
simultaneously providing long-term value for the company. They have to understand
everything that is influenced by the new product or service. But it’s more than management
alone, it’s leadership.
Leadership and management are two distinctive and complementary systems of action.
Management is about coping with complexity. Leadership is about coping with change.
Leadership complements management, it does not replace it. Companies manage
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller maxinedecruyenaere. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $9.67. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
64438 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now