Innovation in Business & Enterprise
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1 Discuss briefly the role of cultural, social, economic and personality factors responsible for growth of innovations.
2 What are the main hurdles faced in impleting innovations in businesses and enterprises.
3 Briefly discuss the role of leadership in creating an innovative environment in businesses..
4 Explain how innovation is used by businesses to achieve sutainable competitive advantage? Support your response with examples.
5 What are the key characteristics of an innovative organisation?
6 Discuss innovation as a disruptive technology. Give examples
7 Discuss the main tenets of static versus radical innovation.
8 Discuss Handerson and Clark model of innovations. Give bexamples.
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(Case Study)
Procter & Gamble(P&G)
While P&G is widely recognized for its marketing might, its legacy as an innovator is equally rich. Over its 175-year history, the Cincinnati firm has consistently created new categories of consumer goods — from the first disposable diaper (Pampers) to the first toothpaste with fluoride (Crest) to the first synthetic laundry detergent (Tide).
The problem of growth
But in March of 2000, a slight decline in P&G’s sales and an earnings warning sent its stock price tumbling. By June, P&G named a new CEO, A.G. Lafley, who brought in fresh thinking about corporate strategy and welcomed new perspectives on innovation. When an internal analysis revealed that only 15% of innovation projects were meeting success targets, senior executives began searching for ways to turn around this key metric.
During this time, a number of top P&G leaders were exploring ideas in The Innovator’s Dilemma, the groundbreaking book by Innosight co-founder Clay Christensen. And not long after, P&G began collaborating with an Innosight team to build innovation capabilities that would spawn new brands and business models. The idea was to institute a process that was analogous to a factory — making innovation systematic, repeatable and reliable.
Innovation assembly lines
Via its new Connect & Develop program, P&G stepped up the sourcing of raw materials — in the form of product ideas from outside the company. “It didn’t matter where the ideas came from,” says Nathan Estruth, vice president of P&G FutureWorks. “We had to systematize a process to find them, to partner, to bring them in, and to turn raw ideas into innovations in our growth factory.”
A key part of improving its innovation success rate was setting up “innovation assembly lines” by seeking growth from four major categories of innovation:
1. sustaining innovations to improve on existing products (i.e Gillette Fusion)
2. disruptive innovations that bring high-end services to mass markets (i.e Crest White Strips)
3. transformative innovations based on performance breakthroughs (i.e Olay Pro-X)
4. commercial innovations to enhance the consumer experience (i.e BrandSaver events)
Small bets labs
Innosight’s “emergent strategy” approach of testing and refining market approaches was applied to a string of new product ideas.
For instance, P&G had tapped into university research for a potentially transformative innovation: a probiotic supplement to improve digestive health. But there was a large degree of uncertainty as to whether the new dietary product, called Align, was a worthwhile opportunity.
Instead of committing to a national retail launch, P&G created a website and promoted Align in just three mid-sized metro areas. “We placed a small bet,” says Bruce Brown, P&G’s Chief Technology Officer. “And that was one of the smartest things we did in terms of rapidly progressing the Align brand.”
P&G also conducted a small-scale market trial for the concept of attaching the venerable Tide brand to a new consumer experience. Deploying “jobs to be done” research, P&G found that there was high dissatisfaction with existing dry cleaners and potential room for a national brand.
Tide Dry Cleaners was initially launched in just two or three locations. That allowed P&G to refine the customer value proposition and the operating plan before it began to scale to more locations.
Innovation transformation
All in all, thousands of P&Gers applied its improved innovation framework to scores of new projects and products. “Innosight has been a close partner in P&G’s innovation transformation,” said A.G. Lafley, who retired in 2010 but returned as CEO in May 2013.
The result is that P&G has dramatically improved its innovation success rate, moving from about 15% to over 50%, meaning about half of its new product efforts are meeting benchmarks for success. That has helped boost overall corporate performance. Over the decade, P&G’s revenue more than doubled, and profits quintupled.
The commitment to the growth factory principles has continued through management changes, including the return of CEO A.G. Lafley in 2013. So it’s about more than just hitting financial numbers. “There is a confidence inside P&G,” says Estruth, “that the systematic approach enabled by Innosight will continue to drive our growth factory, and help us meet our goals for many years to come.”
Q.No 1: While P&G is known for its marketing its legacy as an innovative enterprise is equally rich. Discuss this statement in the light of the case study.
Q.No 2: The problem was that only 25% of the innovation products were meeting success targets. What in your opinion is the reason for this to be true?
Q.No 3: What stratey did P&G adopt to increase innovation success rate?
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1. Intrapreneurship isn’t just about coming up with a new product – although this is a great example of Intrapreneurial behavior. It could be taking an existing product………
(A): to new heights
(B): developing new markets
(C): improving efficiencies – all manners in which the company is propelled forwards towards its goals
(D): all of these
2. Intrapreneurship mobilizes the individual to put their ………………………………into play to invigorate their career to maximise their personal potential and achievements
(A): talents
(B): creativity
(C): passion
(D): all of these
3. Usually one finds vacancies being advertised for the following except
(A): Managers
(B): Sales representatives
(C): Scientists
(D): Intrapreneurs
4. Intrapreneurs are also seen as except one
(A): Agents of change
(B): Different
(C): people who think out of the box
(D): Non-performers
5. Based on ownership structure and Resource Authority -The Enabler, The Producer, The Opportunist and The advocate are the four models for…….
(A): Corporate Entrepreneurship
(B): Product Development
(C): Market Development
(D): None of these
6. All of the following are characteristics of an entrepreneurial opportunity except:
(A): attractive.
(B): achievable.
(C): affordable.
(D): value creating.
7. Which of the following are common causes of small business failure?
(A): high stress level
(B): poor management
(C): inability to cope with growth
(D): all of the above
8. One of the most significant strengths of small businesses is their ability to ______.
(A): organize
(B): innovate
(C): raise funds
(D): communicate
9. Which of the following is an advantage of an entrepreneurial unit?
(A): ability to gain a solid reputation
(B): flexibility and focus
(C): independence
(D): all of the above
10. Since Brian Thomas decided to purchase the rights to own and operate a Baskin Robbins ice cream shop rather than start his own operation, he is
(A): an entrepreneur.
(B): a franchisee.
(C): an industrialist.
(D): a franchiser
11. Which of the following is not an advantage of an entrepreneurial unit?
(A): lower cost of formation
(B): flexibility and focus
(C): independence
(D): high failure rate
12. Xerox, Apple Computer, and IBM have all done what in recent years to improve competitiveness?
(A): gone public
(B): hired new CEOs
(C): downsized
(D): all of the above
13. Dell Computers and Procter & Gamble began as what type of organization?
(A): limited partnerships
(B): hybrid organizations
(C): small businesses
(D): cooperatives
14. Entrepreneurial units can target their efforts toward a few key customers or on a precisely defined market niche. This advantage of small business is
(A): focus
(B): flexibility.
(C): reputation.
(D): hierarchical organization
15. To start any business you must first have
(A): a business plan.
(B): an idea.
(C): financial resources.
(D): all of the above
16. Estimates of income, estimates of expenses, an explanation of the business, and an analysis of the competition are typically included in the
(A): mission statement.
(B): corporate charter.
(C): business plan.
(D): corporate statement
17. Retailing, services, and high technology are attractive to entrepreneurs for which of the following reasons?
(A): High initial capital investment requirements and ease of entry
(B): Low initial capital investment requirements and difficulty of entry
(C): Low initial capital investment requirements and ease of entry
(D): High initial capital requirements and difficulty of entry
18. Which of the following best describes corporate entrepreneurship?
(A): Application of entrepreneurship within a firm
(B): Application of entrepreneurship on behalf of a firm by an outside party
(C): Application of entrepreneurship outside the firm
(D): Any application of entrepreneurship that affects the firm
19. What is the process by which individuals pursue opportunities without regard to resources they currently control?
(A): Startup management
(B): Entrepreneurship
(C): Financial analysis
(D): Feasibility planning
20. Which one of the following may need the business plan?
(A): Employees
(B): Investors
(C): Advisors
(D): All of the given options We Also Provide SYNOPSIS AND PROJECT.
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21. Strategic renewal is a____________
(A): Top down approach
(B): Bottom up approach
(C): Flanked entry approach
(D): all of the above
22. Corporate Entrepreneurship is a ____________
(A): Top down approach
(B): Bottom up approach
(C): Flanked entry approach
(D): all of the above
23. Quality/(ies) required for an entrepreneur to succeed is/are
(A): Focus
(B): Risk aversion
(C): power over people
(D): all of the above
24. In their organizations intrapreneurs are generally ….
(A): ridiculed
(B): isolated
(C): misfits
(D): all of the above
25. Which of the following is not a part of the organizational life cycle?
(A): Startup/growth
(B): maturity/decline
(C): renewal/death
(D): conceptualizing/product prototyping
26. The correct set of models of corporate entrepreneurship is….
(A): idealist/enabler/advocate/producer
(B): opportunist/enabler/advocate/humanist
(C): opportunist/enabler/advocate/producer
(D): opportunist/enabler/scientist/producer
27. A feasibility study contains a study of ……
(A): Market feasibility
(B): Finacial feasibilty
(C): Technical feasibility
(D): all of the above
28. The word Intrapreneurship was coined by…..
(A): Gifford & Pinchot
(B): Stevenson & Ginsberg
(C): Sandberg & MacDougall
(D): all of the above
29. Bootstrapping involves
(A): using one’s own resources
(B): help from family
(C): help from friends
(D): all of the above
30. The foure levels of corporate entrepreneurship are
(A): Enterprise level/ corporate level/business unit level/ functional level
(B): Top Management level/ middle management level/line manager level/ worker level
(C): Level 1/Level 2/Level 3/Level 4
(D): all of the above
31. Partnership between large companies and new entrepreneurial firms is a result of …..
(A): complimentarity
(B): flexibilty of smaller firms
(C): rigidity of large firms
(D): all of the above
32. To start a business one must first have
(A): idea
(B): product
(C): market
(D): finance
33. In corporate entrepreneurship the differences between management and promoters of ideas are because of…….
(A): differences in prospects
(B): lack of capital
(C): lack of resouces
(D): all of the above
34. Which of the following is an online connection between a company and its customers
(A): Internet advertising
(B): e-commerce
(C): website
(D): all of the above
35. Which of the following factor does not affect a person for being an entrepreneur?
(A): Family background
(B): Education
(C): Gender
(D): all of the above
36. Most of the finance for the new firm comes from following resources EXCEPT:
(A): Friends
(B): Foreign aid
(C): Relatives
(D): Personal savings
37. Which one of the following will necessarily need the business plan?
(A): Employees
(B): Investors
(C): Advisors
(D): All of the given options
38. Which of the following are detrimental to intrapreneurship
(A): Not enough insight into customers
(B): Lack of time and resources
(C): Risk adverse culture/ resistant to change
(D): All of the above
39. Which of the following model of entrepreneurshiphas a dedicated resouirce authority but a diffused organizational ownership structure
(A): opportunist
(B): enabler
(C): advocate
(D): producer
40. Which of the following model of entrepreneurshiphas a dedicated resouirce authority but a focussed organizational ownership structure
(A): opportunist
(B): enabler
(C): advocate
(D): producer
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