INNOVATION STRATEGY

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INNOVATION STRATEGY by Mind Map: INNOVATION STRATEGY

1. Example : Coca Cola

2. example : The amazon dash button

3. More effective product and process

4. New idea and creative toughts

5. Increase Competitiveness and Market reach

6. Should be something inspiring and one that adds value to product/service

7. WHAT

7.1. A tool essential for componies that want to gain a compitative advantage

8. TYPES

8.1. Disruptive innovation

8.1.1. creates new market and value products

8.1.2. it disrupts the existing market and value products

8.1.3. Examples : The Pocket Calculator

8.2. Radical innovation

8.2.1. creates great difficulties for existing firms

8.2.2. leave space for new firm entry

8.3. Arcitectural innovation

8.3.1. changes a few components

8.3.2. basic competency untouched

8.4. Incremental innovation

9. PROCESS

9.1. Tun based on cost reduction, improvement of product or flexibility of production

9.2. Steps

9.2.1. 1. Idea generating

9.2.2. 2. Advocacy/Screaning

9.2.3. 3. Experimentation

9.2.4. 4. Commercialisation

9.2.5. 5. Diffusion & Implementation

10. PROS & CONS

10.1. Advantages

10.1.1. Improves Productivity

10.1.2. Reduce cost

10.2. Disadvantages

10.2.1. Costly & Time consuming

10.2.2. Business & Reputation Risks

10.2.3. Waste resources if product dose not sell