MCS 1000 Lecture Notes - Lecture 10: Crowdsourcing, Strategic Alliance, Business Analysis

• School: University of Guelph
• Department: Marketing and Consumer Studies
• Course: MCS 1000
• Professor: Archie Bonifacio

Document Summary

Group member knows it"s a bad idea, however refrains themselves from speaking up: not learning critical takeaway lessons form past failures. New-product process the stages a firm uses to identify business opportunities and convert them to a saleable good or service. New-product strategy development the first stages of the new- product process, providing the necessary focus structure, approach, and guidelines for pursuing innovation. Cross-functional teams smaller number of individuals from different departments in an organization that are mutually accountable to a common set of performance goals. Six sigma a means to delight the customer by achieving quality through discipline process that focuses on developing and delivering near perfect products and services. Idea generation developing a pool of concepts as candidates for new products. Open innovation organizations find and execute creative new- product ideas by developing strategic relationships with outside individuals and organizations. Crowdsourcing involves generating insights leasing to actions based on massive number of people"s ideas.