Summary Strategic Management of Technological Innovation Book cover image

Summary Strategic Management Of Technological Innovation

ISBN-10 0078029236 ISBN-13 9780078029233
237 Flashcards & Notes
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A snapshot of the summary - Strategic Management of Technological Innovation ISBN: 9780078029233

  • 1 Introduction

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  • What is technological innovation?
    The act of introducing a new device, method, or material for application to commercial or practical objectives
  • The increasing importance of innovation is due to?
    Globalization of markets and the advent (komst) of advanced technologies
  • How can the aggregate impact of technological innovation be observed?
    By looking at the Gross Domestic Product
  • Sometimes technological innovation results in externalities? What does externalities mean?
    Costs/benefits that are borne/reaped by individuals other than those responsible for them
  • What is technology in its purest essence?
    Knowledge - Knowledge to solve our problems and pursue our goals
  • What do succesfull innovators have in common?
    Clearly defined innovation strategies and management processes
  • Shortly explain the innovation funnel
    Many potential new products ideas go into the wide end, but very few make it throught the development process
  • What does a firm need to have to have a well designed new product development process to maximize the likelihood of projects being both technically and commercially successful? - Succesful innovation
    - An in-depth understanding of the dynamics of innovation
    - A well-crafted innovation strategy
    - Well-designed processes for implementing the innovation strategy
  • Why is innovation so important for firms to compete in many industries?
    Because it generates a lot of profit for companies. Many firms receive more than on-third of their sales and profits from products devloped within the past five years.
  • What are some advances of technological innovation? Disadvantages?
    Advantages (Positive externalities)Increased GDP
    Greater communication and mobility
    Improving medical treatments

    Disadvantages (Negative externalities)Pollution
    Resource depletion

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