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Test Bank for topic 6: innovation strategies 5th Edition by James D. McKeen
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Test Bank for topic 6: innovation strategies 5th Edition by James D. McKeen
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Test Bank for topic 6: innovationstrategies 5th Edition by James D.
McKeen
what is innovation and why is it important - ANS-An invention is useful only to the inventor
unless it is offered to the public, however niche that public may be. If the invention improves
some product, process or service for the public, then that invention transforms into an
innovation.
-Innovation helps generate competitive advantages!*
resources/capabilities leading to cost leadership - ANS-efficiency
-innovation
resources/capabilities leading to differentiation - ANS-quality
-innovation
-client satisfaction capability
2 types of innovation - ANS1. technological
---> product
--->process
2. non-technological
--->marketing
--->organizational
technological s curve - ANS
what are incremental innovations - ANSinnovations that introduce new features to old products,
technologies, or processes but do not apply to significant changes
what are radical innovations - ANSwhen a substitute technology appears, drastically different
than the old one or new one
when do technological changes take place - ANSwhen radical innovations are introduced in the
market.
product and innovation relationship (abernathy and utter back's model of innovation life cycle -
ANSstage 1: fluid
-exploration
, -uncertainty
-flexibility
stage 2: transitional
-dominant design
stage 3: standardization
-integration
when are innovation strategies most common in the life cycle - ANSmost common at the early
stages of the life cycle and process
cirque du soleil's strategic move (circus industry) example - ANS-growth occurred in a declining
industry
-supplier/buyer power was strong-decreasing audiences(decreasing revenue and profit)
-blue ocean strategy: appealed to a whole new group of people and reinvented the circus
pfizer (viagra) example - ANSBlue ocean strategy: shifting focus of the pharmaceutical
industry's largely functional orientation-medical treatment-to lifestyle enhancement and
emotional orientation
canon's blu ocean strategy - ANSCreated blue ocean strategy by shifting the target customer
from corporate purchasers to users
ford model T - ANS-cheap
-only came in black
-limited options and interchangeable parts
replaced skilled workers with unskilled workers (assembly line) which cut prices significantly
iTunes blue ocean strategy - ANSTunes offered legal, easy-to-use, and flexible à la carte song
downloads.
the cube by electrolux concept - ANS-pop up restaurants
-local chefs/popular (michelin)
-adaptation of product to the environment
-100% efficient machinery
-cutting edge techniques with domestic appliances
-emblamatic locations
-affordable prices and exclusivity
-recycable materials;easy assembly
illy coffee shop - ANS-push bottom house
-all included in container
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