Innovation Management at Universität Hamburg

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Explain the innovators dilemma

Exemplary flashcards for Innovation Management at the Universität Hamburg on StudySmarter:

Name two types of disruptive innovation 

Exemplary flashcards for Innovation Management at the Universität Hamburg on StudySmarter:

Name goals of Knowledge Management

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One can divide between the market, resource and knowledge-based view. Explain them. 

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Define explicit and tacit knowledge.

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How is innovation defined by Ed Roberts (MIT)?

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How does Schumpeter define innovation?

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What is the difference between invention and innovation?

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Name three product innovation strategies

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How can knowledge be captured? 

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In which ways can knowledge be shared? 

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Name a example for new market disruption

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Exemplary flashcards for Innovation Management at the Universität Hamburg on StudySmarter:

Innovation Management

Explain the innovators dilemma

“If I had asked people what they wanted, they would have said faster horses.” - Henry Ford


  • Firms typically follow technology trajectories with incrementally improving performance.
  • Customers want improvements, not worse products according to their performance criteria → „Inferior Technologies“ are not developed.
  • Large frms need large markets to give noticeable results. → Small market niches are not being exploited.


Innovation Management

Name two types of disruptive innovation 

  • New-to market disruption: Create new markets and customer needs. With increasing performance, they capture customers of existing technologies. Often, different firms than incumbents start to dominate.
  • Low-end disruption: No new markets, but satisfy customers with lower performance requirements (but are attractive for other reasons, e.g. a lower price).

Innovation Management

Name goals of Knowledge Management

  • Managing Risk
    Dealing with uncertainty in government policymaking, competitors reactions to our strategies, risk of overtaxing our resources, risk of knowledge becoming outdated.
  • Efficiency in operations
    Reducing supply chain costs, sharing of best marketing practices, sharing of human resource practices, leveraging product development costs across the subsidiaries
  • Innovation
    Creating new products and service innovations to meet consumer needs and to build unique and lasting relations with users.

Innovation Management

One can divide between the market, resource and knowledge-based view. Explain them. 

Market-Based View:

Industry structure, and positioning within the industry determine success

Structure-Performance-Conduct

Michael Porter

Resource-Based View:
Firms are a bundle of resources, that are combined, leading to competitive advantage.

  • Knowledge-based View:

Knowledge is one of the most important – if not THE only important – resource leading to sustained competitive advantage.

Innovation Management

Define explicit and tacit knowledge.

Explicit 
Explicit knowledge can be codified.

Examples: written text, including documentation, manuals, software code, spoken words, instructions.


Tacit

„We can know more than we can tell.“ (M. Polanyi)

Experienced-based knowledge, implicit knowledge enables action, but cannot be easily expressed (ie, be codified)

Context-dependent knowledge: sticky knowledge known to trigger user innovation (von Hippel 1984)

Innovation Management

How is innovation defined by Ed Roberts (MIT)?

Innovation = Invention + Exploitation

Innovation Management

How does Schumpeter define innovation?

Combination of existing knowledge to form something new

Innovation leads to Creative destruction

Innovation Management

What is the difference between invention and innovation?

Invention is the conversion of cash into ideas.

Innovation is the conversion of ideas into cash.

Innovation Management

Name three product innovation strategies

1) be first to introduce technically advanced products (performance maximizing)


2) watch others innovate but adapt and introduce new product variations and features (sales maximizing)


3) enter later in the product life cycle with simpler and less expensive versions (cost-minimizing)

Innovation Management

How can knowledge be captured? 

Developing a knowledge map: By developing a Knowledge Map, i.e. an actual map, yellow pages, or a smartly structured database the company can create an inventory of existing knowledge.

Making tacit knowledge accessible: Tacit knowledge can be made accessible by ensuring its identification.

Innovation Management

In which ways can knowledge be shared? 

1-way sharing

Transfer explicit knowledge from one person, group, department, unit, or company to an other


2-way sharing

Exchanging explicit and tacit knowledge within a group of people through “face to face” interaction and intensive dialogue.

Innovation Management

Name a example for new market disruption

in communication
– Post → Telegraph → Telephone → Messaging
– Post → Email → Messaging (SMS, Whatsapp)

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