Flashcards
Innovation
Cards in this deck (17)
- 1What is innovationSomething new or improved that realises value
- 2What drives innovationNeed/new purpose
Money - 35 stages of a products life cycle?Development
Introduction
Growth
Maturity
Decline - 4What does a company look to do on a products introduction to a market?First mover advantage:
- Create a market
- Protect market with barriers (IP) - 5What 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
- 6What does a company look to do during a products decline in a market?Maximise efficiency
- 7What 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 - 8What 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) - 9How 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 - 10What happens to knowledge acquired as design time increases?K increases
- 11What happens to degree of influence as design time increases?Influence decreases
- 12What happens to cost of changes as design time increases?Costs of change increase
- 13What are the stages of the design thinking process?Understand
Point of View
Ideate
Prototype
Test - 14How can an understanding be built?Beginners mindset
Question everything
Look for patterns
Surveys
Interviews
Understand constriants - 15How can the point of view in the design process be understood?Framing the problem
Focus and definition
Videos
Diagrams
Reference for evaluating ideas - 16How can idea creation be helped in the design thinking process?Brainstorming
Grouping - 17Why prototype?Build to think
Get ideas of your head into the world
Test functionality
Get people to interact
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- PSC Flashcards on Innovation, created by Luke Hansford on 09/01/2018.
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- Luke Hansford
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