Enterprise nutrition

• What does product innovation refer to?

  Changes that improve design, materials, functionality, and user experience.
• What are the two types of product innovation mentioned?

  Tangible improvements and intangible improvements.
• What is an example of product innovation?

  A smart watch.
• What does process innovation involve?

  Creating an alternative method to production or processes.
• Why is it significant that technology advances at a fast pace?

  It affects customer and market needs constantly changing.
• What is the purpose of a product innovation and technology strategy (PITS)?

  To help businesses chart the way forward amidst changing market conditions.
• What happens to a business without a PITS?

  It leads to ad hoc project decisions and resource spreading across unimportant initiatives.
• How does Cooper (2000) compare understanding product innovation without strategy?

  It is like running a war without a military strategy.
• What are the three cornerstones of high-performing businesses regarding new product results?

  1. A new product process that works.
  2. Sufficient resources devoted to product innovations.
  3. A new product and technology strategy for the business.
• What was often missing in the majority of businesses according to the study?

  A new product and technology strategy.
• What are the two fundamental ways of winning product innovation?

  Doing projects right and doing the right project.
• What is design-driven innovation focused on?

  The user when developing new products or services.
• Who can be considered users in the design-driven innovation process?

  Consumers, customers, co-workers, businesses, and suppliers.
• What are key tools in the design-driven innovation method?

  Rough drafts of plans, prototypes, and solution descriptions.
• What does the innovation matrix categorize?

  Types of innovation into four categories.
• What are the four main types of innovation in the innovation matrix?

  1. Disruptive innovation
  2. Incremental innovation
  3. Architectural innovation
  4. Radical innovation
• What does incremental innovation refer to?

  A series of small improvements or upgrades to existing products.
• What is an example of incremental innovation?

  Smartphones undergoing various updates.
• What characterizes architectural innovation?

  Using existing technology to create new markets or consumers.
• What is an example of architectural innovation?

  The smart watch using existing cell phone technology.
• What is disruptive innovation?

  An innovation that simplifies and makes products affordable for ignored markets.
• What is an example of disruptive innovation?

  People using smartphones instead of laptops for computing needs.
• What is radical innovation?

  An invention that destroys or supplants an existing business model.
• What are examples of radical innovation?

  The invention of the automobile and the creation of the World Wide Web.
• What is the purpose of design innovation?

  To generate ideas that are desirable, feasible, and viable.

  
• What does design innovation empower leaders to do?

  Develop meaningful solutions and create new value.
• Why is innovation important?

  It creates new ideas leading to new business models and products.
• How does innovation help stagnant products or services?

  It generates excitement with new ideas.