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Lecture Notes Chapter 3- Managing Innovation.docx

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Department
Management
Course
MGM102H5
Professor
Dave Swanston
Semester
Winter

Description
Chapter 3 Lecture Notes- Managing Innovation • Facing new realities • Innovation  Example: Auctions (Past = physical process, modern = online process such as ebay, and now = online retail firms allowing consumers to bid such as QuiBids ) o Innovative as a business model o Industry evolves o Availability + use of internet changes o As a result of having the internet, new business models have emerged o Internet is disruptive technology • The Diffusion of Innovations  The diffusion of innovations according to Rogers.  With successive groups of consumers adopting the new technology, its market share will eventually reach the saturation level.  In mathematics the S curve is known as the logistic function.  Diffusion of Innovations is a theory that seeks to explain how, why, and at what rate new ideas and technology spread through cultures. • Innovation is also applied to services  The process is the product  Service innovation is new processes, business models, and modes of delivering services  Video: Changing Needs of the Education System Video o Two reasons for reforming education system: economic (how to educate children to take their place in the economy) and cultural (how do we educate children so they have cultural identity to pass on cultural genes) o Problem: Doing what they did in the past o Now, a degree does not guarantee a good job o Current system of education was designed, conceived, and constructed for a different age o Was conceived in the intellectual culture of enlightenment o Public education: paid for by taxation, compulsory to everyone, free at the point of delivery o Two types of people: academic and non academic o This model has caused chaos for most people who suffered the modern epidemic which is as misplaced and as fictitious (ADHD); but not an epidemic because our children have too many distractions o Anaesthetic
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