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Chapter 10- Innovation Strategies Questions & 100% Verified Correct Answers with complete solutions (Latest update

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Chapter 10- Innovation Strategies Questions & 100% Verified Correct Answers with complete solutions (Latest update

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  • August 29, 2024
  • 5
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • chapter 10 innovation strategies

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Chapter 10- Innovation Strategies
the creation of an idea or method; a novel concept - ANS-invention

the conversion of a novel concept ( an invention) into a precut, process or business model that
generates revenues and profits - ANS-innovation

building on a firm's established knowledge base to create minor improvements to the product or
service a firm offers - ANS-incremental innovation

also called sustaining innovation b/c sustains a company's current product offerings and
revenues - ANS-incremental innovation

innovation that draws on a different knowledge base, technologies or methods to deliver value in
a truly unique way - ANS-radical innovation

flexible production technique that is considered a radical innovation due to minimizing
inventories and waste despite being designed for rapid product changeovers - ANS-lean
manufacturing

strategies that draw on these often use new technologies or employ a fundamentally different
business model than rivals. create, deliver and capture value through different resources and
capabilities - ANS-radical innovations

a strategy that introduces a fundamentally different business model than rivals - ANS-innovative
strategy

these differ on one of following 3:
1. choice of customer segments to serve and unique value (value proposition) offered by the
company
2. choice of activities the company performs and the resources used to deliver value to
customers
3. way a company generates revenue streams to get paid for the value it delivers -
ANS-business models

the approach, or pricing strategy, a company uses to get paid for the value it delivers through its
business model - ANS-revenue model

innovative strategies based on radical innovations in which companies in the same industry find
the innovation so ground-breaking that they can no longer do business as usual -
ANS-disruptive innovation

, type of innovation/strategies that offer value that is attractive to incumbent's customers and are
delivered through a business model that is difficult for incumbent's to imitate - ANS-disruptive
innovation

the same tactics and patterns that allow innovative strategies to enable disruptive innovation -
ANS-dominant logic

7 categories of innovative strategies - ANS-1. value chain reconfiguration- eliminate activities
2. value chain reconfiguration- mass customization
3. low-end disruptive innovations
4. high-end disruptive innovations
5. blue ocean strategy- new markets by targeting non-customers
6. create a platform to share assets
7. free business models

category of innovative strategies that:
allows firm to offer lower prices for similar products and services. typically includes taking out a
step in the path from production to customer. - ANS-value chain reconfiguration- eliminate
activities

category of innovative strategies that:
is producing a low-cost product or service for the low-end or most price-sensitive market
segment, and then gradually moving upmarket as the product or service improves its technology
and processes - ANS-low-end disruptive innovation

category of innovative strategies that:
producing product or service that outperform existing products and sell of premium price to least
price-sensitive buyers and moves steadily downward into mainstream markets - ANS-high-end
disruptive innovations

radical types of these usually rely on expensive technological innovations whose cost is
gradually reduced as there are improvements in technology and the product is produced on a
wider scale - ANS-high-end innovations

are new products or service that offer either superior performance on some existing product
features or offer new features customers are willing to pay for. usually only possible through
innovations in technology - ANS-high end disruptions

category of innovative strategies that:
is based on concept of mass producing individually customized goods and services - ANS-value
chain reconfiguration- mass customization

when a company mass-produces the various modules of the product and then allows the
customers to select which modules will be combined together - ANS-mass customization

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