New Products - From Ideas to Markets an der LMU München

Karteikarten und Zusammenfassungen für New Products - From Ideas to Markets im Betriebswirtschaftslehre Studiengang an der LMU München in Augsburg

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Lerne jetzt mit Karteikarten und Zusammenfassungen für den Kurs New Products - From Ideas to Markets an der LMU München.

Beispielhafte Karteikarten für New Products - From Ideas to Markets an der LMU München auf StudySmarter:

Search by firms: 

- Managing organizational ambedexterity

Beispielhafte Karteikarten für New Products - From Ideas to Markets an der LMU München auf StudySmarter:

Theory: tie formation - endogenous mechanisms

Beispielhafte Karteikarten für New Products - From Ideas to Markets an der LMU München auf StudySmarter:

Innovation Types

- Classification by type 


Beispielhafte Karteikarten für New Products - From Ideas to Markets an der LMU München auf StudySmarter:

Search and early decision: 

Little case of two new technologies

Beispielhafte Karteikarten für New Products - From Ideas to Markets an der LMU München auf StudySmarter:

The model of Arrow (1962) - Incentives as a function of the market structure

Beispielhafte Karteikarten für New Products - From Ideas to Markets an der LMU München auf StudySmarter:

Search by firms:

- How to excel at exploitation as well as exploration

Beispielhafte Karteikarten für New Products - From Ideas to Markets an der LMU München auf StudySmarter:

The Incentives Probelm - A lesson from history

Modern funding

Beispielhafte Karteikarten für New Products - From Ideas to Markets an der LMU München auf StudySmarter:

Innovation types: 

- Economic impact of different innovation types

Beispielhafte Karteikarten für New Products - From Ideas to Markets an der LMU München auf StudySmarter:

The Influence of market structure on incentives for innovation

Beispielhafte Karteikarten für New Products - From Ideas to Markets an der LMU München auf StudySmarter:

Innovation types: 

- Important characteristics

Beispielhafte Karteikarten für New Products - From Ideas to Markets an der LMU München auf StudySmarter:

Economic benefits of innovation

- Lessons from history and different economic benefits

Beispielhafte Karteikarten für New Products - From Ideas to Markets an der LMU München auf StudySmarter:

Where does technological change come from?


- Demand Pull

Beispielhafte Karteikarten für New Products - From Ideas to Markets an der LMU München auf StudySmarter:

New Products - From Ideas to Markets

Search by firms: 

- Managing organizational ambedexterity

Managing organizational ambedexterity 

  • Leveraging current capabilities may enable immediate profity, but foster eventual stagnation, leaving firms vulnerable to market and technological changes
  • The ideal outcome has been described as balance. Such balance does not denote a mediocre split or compromise, but truly excelling at both eploitation and exploration 
  • However, you can only create the right framework and conditions for innovation to happen and then adapt as needed
    • Initiatives: Entrpreneur in residence program, Incubators 
    • Workplace pratices: team-building practices, for instance, foster shared values and aid coordination, helping actors think and act ambidextrously on a daily basis 
    • Diversity is critical to innovation and is essential to Apple´s future 
    • Organizational structure 
    • IP strategy (Tesla) 

New Products - From Ideas to Markets

Theory: tie formation - endogenous mechanisms

  • Networks are path dependent
  • Network ties are like weather: The best prediction of the network tomorrow is the network of today.
  • The network of current ties set opportunities and constraints for the formation of new ties 
  • Networks themselves form the transmission mechanism with information about the availability, suitability and reliability of potential partners 
  • But like the weather, thw quality of predicition deteriorates quickly as we try to gaze futher into the future.

New Products - From Ideas to Markets

Innovation Types

- Classification by type 


Schumpeter originally distinguished 5 different types of innovations:

  • New products, i.e. creation or improvement of products
  • New methods of production, i.e. how to produce products 
  • New sources of supply
  • Exploitation of new markets
  • New ways to organize business

In addition innovations can be classified according to how radical they are:

  • Incremental innovations, i.e continuous improvements
  • Radical innovations, e.g. the introduction of completely new types of machinery (major breakthrough)

New Products - From Ideas to Markets

Search and early decision: 

Little case of two new technologies

Setup:
• Two new technologies and firms make investment decisions
Four potential outcomes:
• Investments in winning technology;
possible problem: too early focus and miss best generation of the technology
• Investments in losing technology;
possible problem: internal resistance to switch to winning technology
• Investments in both technologies;
possible problem: one or both types of focused firms are better
• No investments;
possible problem: avoid inefficient investments but may wait too long to build
important knowledge

New Products - From Ideas to Markets

The model of Arrow (1962) - Incentives as a function of the market structure

  • Arrow asked: What is the gain from innovation to a firm that is the only one to undertake R&D, given that its innovation is protected by a patent of unlimited duration? 
  • We will compare three different situations to compare which market structure gives a firm the highest incentive to innovate: 

           1. Ex-ante social planner -> ex-post social planner 

           2. Ex-ante monoply -> Ex-post monopoly 

           3. Ex- ante perfect competition -> Ex-post monopoly 

  • The case of the social planner will be used as a benchmark
  • Assumptions: 
    • Inverse demand function is definded by: p = a -bq
    • Constant marginal cost of c which are reduced by a process innovation to c.

New Products - From Ideas to Markets

Search by firms:

- How to excel at exploitation as well as exploration

Ambidexterity 

  • Organizational ambidexterity id defined as an organization´s ability to be aligned and efficient in its management of today´s business demands as well as being adaptive to changes in the environment at the same time.
  • Ambidextrous organizations excel at exploiting existing products to enable incremental innovation and at exploring new opportunities to foster more radical innovation
  • E.g. HP: instrument company –> minicomputer firm –> personal computer and network company

New Products - From Ideas to Markets

The Incentives Probelm - A lesson from history

Modern funding

Most of the time R&D is expensive, the outcome is uncertain, and it has to be financed upfront. 

This results in the incentive problem of R&D. 

–> Over the time there has been several systems to incentivize R&D. 

Modern funding institutions for R&D:

  • Foundations created by rich individuals to cover huge expenditures of big science.
  • Governments and gov labs driven by the interest in military technology
  • Collaborations between formerly seperate sectors: Military-industrial / Academic-industrial
  • The industry also engaged in basic research (e.g. nylon, laser)

Because of the inherent characteristics (i.e. R&D is expensive, the outcome is uncertain, and it has to be financed upfront) of innovations there has always been an incentive problem. One of the most prominent introductions was Intellectual Property (IP). We now look at economic incentives for firms to innovate and what influences these incentives.

New Products - From Ideas to Markets

Innovation types: 

- Economic impact of different innovation types

Economic impact of different innovation types 

Influence of product and process innovation on income and employment

  • Introduction of new products is commonly assumed to have a positive effecgt on income and employment
  • Introduction of new processes, because of cost-cutting nature, may have a more ambigous effect

Influence of incremental and radical innovation on income and employment: 

  • Incremental innovations and their large cumulative impact are easily missed.
  • Radical innovations (like the automobile) often need a series of incremental innovations to realize their economic benefits (General purpose technology)

-> The bulk of economic benefits may come from incremental innovations

New Products - From Ideas to Markets

The Influence of market structure on incentives for innovation

Schumpeter´s classical statements

Schumpeter I (Theory of Economic Development)

  • Entrepreneurs and small firms drive innovation
  • (Near-) Monopolists make significant profits anyway, why would they want to cannibalize their current revenue streams? 

Schumpeter II (Capitalism, Socialism, Democracy)

  • Large firms drive innovation; greater capacity/more money to conduct R&D. 
  • Markets with (some) monopoly power will lead to more innovation

New Products - From Ideas to Markets

Innovation types: 

- Important characteristics

Many inventions require complementary inventions and innovations to succeed as an innovation, e.g. Da vinci´s flying machines were lacking adequate materials and production skills 

Complex innovations are often the result of lenghty process involving many interrelated innovations, e.g. today´s cars evolved from a very long procedure 

It is a serious mistake to treat an innovation as it it were well-defined, homogenous thing that could be identified as entering the economy at a precise date – or becoming available at a precise point in time… the fact is that most important innovations go through drastic changes in their lifetimes – changes that may, and often do, totally transform their economic significance.

New Products - From Ideas to Markets

Economic benefits of innovation

- Lessons from history and different economic benefits

Over time centers of innovation have shifted 

UK –> Germany –> USA 

Another important question is how to measure economic benefit? Different variables are: 

  • Economic growth (change in GDP) we will focus here 
  • Employment
  • Competitiveness
  • Etc.

New Products - From Ideas to Markets

Where does technological change come from?


- Demand Pull

Demand pull vs. technology push 

Theories of technical change have been classified into these two categories. 

Demand Pull

  • There exists a set of consumption and intermediate goods, at a given time, on the market, satisfying different needs by the purchasers
  • Users express their preferences about the features of the goods they desire through their patterns of demand 
  • Producers realize the needs of users through the movements in demand and prices 
  • At this point the proper innovative process begins. 

–> Market forces are the main determinants of technological change

Weaknesses in strong versions of demand-pull approchaes: 

  • Passive and mechanical reactiveness of technological change vis-á-vis market conditions
  • Incapability of defining the why and when of certain technological developments instead of others and of a certain timing instead of others.
  • The neglect of changes over time in the inventive capability which do not bear any direct reltionship with changing market conditions.

Example: Linux as a trigger to rethink industry practice: Feedback loop: Increasing demand for openness by customers -> grwoing experience with openness on side of the firm -> increasing openness –> start new

Gradient

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