Question

Innovation. Invention. Improvement. Irrelevant. For this journal entry, we would like you to focus on the "Four I's" matrix that we introduced in the lecture. This matrix is a way of thinking about ideas and opportunities and categorising them according to how valuable they are, as well as how novel and innovative they are. The matrix includes four distinct categories: Innovation (high novelty, high value) Invention (high novelty, low value) Improvement (low novelty, high value) Irrelevant (low novelty, low value) For this assessment task, we'd like you to create a post where you share one product to fit each category. You should include a picture or link for each product and provide a brief explanation as to what the product is and why you think it belongs in the category you have chosen

Answer 1

Answer:

I-Phone 12 version of Apple’s product I-phone can be placed in innovation category having the characteristics of high novelty and high value. The product will come equipped with Apple A13 Bionic chipset and will run on IOS 14 which would be the out-of-the box category of hardware inclusion. Product provides higher value to the customer as it is going to provide this product at the cheaper cost than its previous versions of smart phones.

MI-10 Smartphone of XIOMI can be included in the category of invention with higher novelty but lesser value as it includes a camera that has 108 pixel of resolution that no other phone is providing. However, the price of the product is very high than any other Smartphone of any of the brand. This decreases the value of the product.

Audi A3 can be included in improvement category where there is lesser novelty but higher value. The car has been designed so as to suit the spending range of the middle class income earners. The product has no new features, however, the features of the luxury of the premium products has been reduced in A3 version, but still it is luxurious than other brands of cars. A3 is provided at the lesser price than its other range of products and hence it adds higher values to the customers.

Samsung ‘M’ series in smart phones are irrelevant product category as it offers no novelty and no value to the customers. Product says that it has 64 megapixel of camera and therefore it is priced usually higher. But the camera quality is not as good as other brand’s 64 megapixel cameras.