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Summary TEW Product Innovation in Marketing - eerste zit
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Summary of concepts & exam questions to pass the course in the first session.
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Product Innovation in MarketingProf. Annouk Lievens
UA_2118TEWMKT_2324
2023-2024
Chapter 1 (slides ppt PIM 1)
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.
o Innovation Theory in Marketing: Innovation theory introduces new ways to
create, communicate, and deliver value to customers. It emphasizes the
importance of developing novel products, services, and processes to stay
competitive.
o Marketing Theory Fueling Innovation: Marketing theory provides insights
into consumer behavior, market segmentation, and brand positioning, which
can guide the innovation process to ensure new products meet market needs
and preferences, increasing their chances of success.
2. What are the 2 main theoretical perspectives to study innovation as a process?
Explain!
o Evolutionary Perspective: Focuses on how innovation is a gradual,
cumulative process influenced by variations, selection, and retention of ideas
and technologies.
o Systems Perspective: Views innovation as a complex, interactive system
involving various actors and networks, including firms, institutions, and users,
which collectively influence the innovation process.
3. Describe the model of Picciochi et al. (2009) on the process between creativity and
innovation!
o Picciochi et al. Model: This model highlights the transition from creative
ideas to innovative products through stages of idea generation, idea screening,
development, and implementation. It emphasizes the importance of fostering
creativity within an organization to generate innovative solutions.
4. How can we define “routines” & “core abilities” in the innovation process
according to Tidd & Bessant (2015). Provide 4 examples and explain.
o Routines: Established practices and processes that guide daily operations and
innovation activities.
o Core Abilities: Fundamental skills and competencies that enable an
organization to innovate effectively.
o Examples:
Product Development: Routine of regular brainstorming sessions to
generate new product ideas.
Market Research: Core ability to analyze market trends and customer
needs.
Project Management: Routine of using agile methodologies to
manage innovation projects.
Collaboration: Core ability to work effectively with cross-functional
teams.
, 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.
o Common Traits: Both are visionary, risk-takers, and proactive in identifying
and exploiting opportunities.
o Product (Innovation) Management: The process of overseeing the
development and marketing of new products from conception through launch.
Roles include strategic planning, project coordination, and leading cross-
functional teams to ensure successful product development and market
introduction.
6. How could we define innovation success and what are its major determinants?
o Innovation Success: Achieving desired outcomes from an innovation, such as
market acceptance, financial performance, and competitive advantage.
o Determinants: Market demand, technological feasibility, effective project
management, and organizational support.
7. Elaborate on the debate between “first movers” & followers”! What are the
major advantages and disadvantages of both approaches? Provide examples of
both!
o First Movers:
Advantages: Establish market dominance, brand recognition, and the
ability to set industry standards.
Disadvantages: High risk, high cost, and potential for market
misjudgment.
Example: Apple with the iPhone.
o Followers:
Advantages: Learn from first movers' mistakes, lower development
costs, and refined market strategies.
Disadvantages: Less market share, brand differentiation challenges.
Example: Samsung with its Galaxy series.
Chapter 2 (slides ppt PIM 2)
1. Describe the categories of new product growth! How can you connect these types
of growth with types of new products?
o Categories of New Product Growth:
Incremental Growth: Gradual improvements to existing products.
Breakthrough Growth: Radical innovations that create new markets
or significantly alter existing ones.
o Connection to New Products:
Incremental Innovations: Slight modifications to existing products
(e.g., new features or design).
Radical Innovations: Entirely new products that address unmet needs
(e.g., electric cars).
2. Describe 5 potential sources of innovation according to Tidd & Bessant (2015)
and illustrate with examples.
o Sources:
Market Needs: Customer feedback and market research (e.g., creating
gluten-free products due to rising health trends).
Technological Advances: New technologies enabling product
improvements (e.g., smartphones with AI capabilities).
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