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Title: Strategic Management - The Innovation Process
Description: Notes on the strategic process of innovation used by managers/leaders. Used in second year of accounting & finance degree.
Description: Notes on the strategic process of innovation used by managers/leaders. Used in second year of accounting & finance degree.
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Innovation Process
Search – How can we find opportunities for innovation?
Select – What are we going to do and why?
Implement – How are we going to make it happen?
Capture – How are we going to get the benefits from it?
Fluid Phase – Exploration, uncertainty (high product innovation)
Transitional Phase – Dominant design (high process innovation)
Mature Phase – Standardisation, integration
Technology push vs
...
Product vs
...
Technological vs
...
Open – Rely on organisation’s internal resources or import/export
organisational knowledge?
First Mover or Late Mover?
First mover advantages:
•
Greater expertise through experience
•
Volumes for mass producing and bulk purchasing
•
Access to raw materials, skilled labour or components
•
Good reputation and dominant brand name
•
Buyer switching costs means customers are locked in
Late mover advantages:
•
Imitate at a lower cost
•
Experience and knowledge through observation (spend less on R&D)
Innovation Benefits and Risks
Benefits:
•
Substantial future growth
•
Competitive advantage
•
Ability to leapfrog major competitors
Risks:
•
Costs of development
•
Time scales for success
•
Unpredictability of take-up
•
Lack of competence
•
Organisational disruption
The Innovative Organisation
•
Top management commitment
•
Mechanisms for recognising and developing new ideas
•
Resources: funding, expertise, organisational slack
•
Reward systems
•
Control systems and culture to allow mavericks experimentation and
failure
Entrepreneurial Strategy
Drivers:
•
Imagination
•
Ideas
•
Invention
•
Innovation
Methods:
•
Technology
•
Innovation
•
New product and service development
Title: Strategic Management - The Innovation Process
Description: Notes on the strategic process of innovation used by managers/leaders. Used in second year of accounting & finance degree.
Description: Notes on the strategic process of innovation used by managers/leaders. Used in second year of accounting & finance degree.