Question

1. (a) Define Innovation'. How does it differ from 'Entrepreneurship'? (b) With the use of examples, describe the concepts of 'Technology Push and 'Market Pull'. (c) Using a diagram show the Interactive Model of Innovation' according to Rothwell and Zegveld (1985). Explain how the concepts of Technology Push' and 'Technology Pull' contribute to the model. 2. (a) Explain why a company might undertake a STEEP Analysis before developing a new product. (b) Identify the individual STEEP factors and describe any two of them (c) Discuss the effect that the fifth wave of innovation has had on the development of personal digital devices over the past twenty years. 3. (a) Using a diagram show the Typical Stage-Gate Model' according to Cooper (2001). Explain the model and in doing so describe each of the stages in detail. (b) What is the role of a 'Stage-Gate Facilitator? 4. (a) Explain what a 'Product Innovation and Technology Strategy' is and identify what it will include according to Cooper (2001). (b) Describe the four strategy types indicated by Miles and Snow (1978) Which type is likely to favour a ‘New-to-the-world' project and why? (c) Discuss the advantages and disadvantages of being a leader in technology when developing new products. 5. (a) Draw a 'Product Life Cycle Curve' and describe the stages. Is this a useful concept? (b) For each stage of the product life cycle, give an example of a product and describe its current state of development.

answer all please. Thanks a lot.

Answer 1

1. (a)

Definitions of Innovation and Entrepreneurship:

Innovation: Innovation means creating something new; it is not necessary to have a business opportunity with the same For eg. Google alexa which helps us know many things at one go (acting as a verbal search engine), Initially every record was kept with the help of papers but Computer was the innovation.

Entrepreneurship: Entrepreneurship simply means using an idea to create business opportunity, the opportunities may be in innovation of new product, service, etc

Differences:

Durability:

Innovation: Innovation can have a short durability.

Entrepreneurship: Entrepreneurship has a long durability which adds and improves the value of the opportunity created.

Risk Taking:

Innovation: In innovation, there is no major risk involved.

Entrepreneurship: In converting an idea into a business opportunity, risk-taking cannot be avoided. Risk taking is a key factor in entrepreneurship.

Interest:

Innovation: Innovators lose interest after idea stage.

Entrepreneurship: Entrepreneurship is all about failing, analysing and working hard to make the venture more successful.

Skills:

Innovation: Innovators have a passion of creating something new which is never asked for, experimenting new possibilities.

Entrepreneurship: Entrepreneurship need planning, applying, leading, managing, and decision making.

Cause:

Innovation: Innovation is the result of a creative thinking.

Entrepreneurship: Entrepreneurship is the process of making the innovation to a business opportunity.

(b)

Technology Push is when R&D in new technology, drives the development of new products.

R&D ----> Product ---> Public

Technology Push usually does not involve primary research. It tends to start with a company developing an innovative technology, applying to a product and finally, marketing the product. Aim of Technology push is providing luxury to people using technology. Eg, Smartphones & tablets.

The term ‘Market Pull’, refers to the need for a new product or a solution to a problem, which comes from the market place. The need is identified by potential customers or market research. A product or a range of products are developed, to solve the original need.
E.g : Mechanical chef which cooks food (upto 100 recipes) with the help of phone app adn machine as its difficult for a working professional to take out 2 hrs for cooking every day.