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Chapter 12.docx

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Administrative Studies
ADMS 4570
Lois King

Chapter 12 Managing InnovationTypes of InnovationoChanges in technology Innovation based on new tech often has a more far reaching impactoProduct Innovationcreating new products for end users Product innovations are commonly associated with a differentiation strategyoProcess innovationimproving efficiency of manufacturing systems and operations More likely to occur in the later stages of industry life cycle as companies seek ways to remain viable in markets where demand is flattened outoRadical innovations revolutionize a whole industry or transform a company Ex computers electricity telephoneoIncremental innovationsenhance existing practices Ex frozen food sports drinks digital telephonesoSustaining innovations extend sales in an existing market Ex internet was revolutionizing technology but rather than disrupting the activities of catalogue companies it energized their existing business by extending their reach and making their operations more efficientoDisruptive innovationsoverturn markets by providing an altogether new approach to meeting customer needs Ex Walmart started with a single store Since it represented major departures from existing practices and tapped into unmet needs it steadily grew into ventures that appealed to a new category of customers and eventually overturned the status quo Challenges of InnovationoThere is an uncertainty about outcomesSeeds versus WeedsYou must choose the best among your innovation ideas but this is complicated since some innovation projects require a considerable level of investment before a firm can fully evaluate whether they are worth pursuingExperience vs Initiative senior managers have experience but are more risk averse while midlevel employees have more enthusiasmInternal versus External staffing with internal the people know the culture with external you might get better people but you need to spend time trainingBuilding capabilities vs collaboratingIncremental versus Preemptive launch Defining Scope of innovationoHow much will the innovation cost
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