Innovation Management Process: The structured approach organizations use to foster, develop, and implement new ideas, products, or services. It involves stages such as idea generation, development, testing, and commercialization, aiming to enhance competitiveness and value creation (see source content).
Types of Innovation: Different categories of innovation based on their impact and scope, including incremental, radical, architectural, and disruptive innovations. Each type varies in how significantly they change existing markets or create new ones (see source content).
Business Model Innovation: The process of fundamentally rethinking how a company creates, delivers, and captures value, often leading to new revenue streams or market positioning. It can involve changes in value propositions, revenue models, or operational structures (see source content).
1. What does Innovation Management refer to?
2. Which author is associated with the concept of the product lifecycle in the course content?
3. What is the primary role of consumer-centered innovation in the development of new products or services?
Innovation Management — process?
Structured approach to develop and implement innovations
Types of Innovation — categories?
Incremental, radical, architectural, disruptive
Business Model Innovation — purpose?
Rethink value creation, delivery, capture
Product Lifecycle — stages?
Introduction, growth, maturity, decline
Product development phases — sequence?
Idea, concept, design, testing, launch
Maturity and decline — focus?
Extension strategies or harvesting
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