11858768
Description
Flashcards by Luke Hansford, updated more than 1 year ago
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Created by Luke Hansford
over 6 years ago
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| Question | Answer |
| What is innovation | Something new or improved that realises value |
| What drives innovation | Need/new purpose Money |
| 5 stages of a products life cycle? | Development Introduction Growth Maturity Decline |
| What does a company look to do on a products introduction to a market? | First mover advantage: - Create a market - Protect market with barriers (IP) |
| What does a company look to do during a products maturity in a market? | Exploit economies of scale and use earnings to spend on new ideas as product market dilutes |
| What does a company look to do during a products decline in a market? | Maximise efficiency |
| What are the elements to innovation? | Vision Embed process Gain insights (understand tech, customers and business models) Evolve business model (IKEA, LEGO etc) Act quickly Learn and build (Dyson) Embrace openness (open innovation model) Instil the right culture |
| What effect will not acting quickly have on product in market? | Increases development costs Market may move on and so less profit can be made (later breakeven point) |
| How can companies move quickly? | Kill bureaucracy Make fast decisions Keep structure flat (not too many levels) Management set clear direction - dont micro manage Give people chance to shine |
| What happens to knowledge acquired as design time increases? | K increases |
| What happens to degree of influence as design time increases? | Influence decreases |
| What happens to cost of changes as design time increases? | Costs of change increase |
| What are the stages of the design thinking process? | Understand Point of View Ideate Prototype Test |
| How can an understanding be built? | Beginners mindset Question everything Look for patterns Surveys Interviews Understand constriants |
| How can the point of view in the design process be understood? | Framing the problem Focus and definition Videos Diagrams Reference for evaluating ideas |
| How can idea creation be helped in the design thinking process? | Brainstorming Grouping |
| Why prototype? | Build to think Get ideas of your head into the world Test functionality Get people to interact |
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