Innovation basics
Creative and systematic work undertaken in order to increase the stock of knowledge and to devise new applications of available knowledge
Research and Development (R&D)
Firms often partner with other firms to ____ the new product or process
codevelop
What is the last stage of Product/Process Innovation called?
Market Introduction
Integrated Product Development Projects spend less money on development than functional product development project
False!
Third stage of the product life cycle
Maturity
A particular application of open innovation is known as?
crowdsourcing
A disciplined approach that defines specific criteria for each proj- ect stage that must be completed before proceeding to the next stage
stage-gate process
Many activities in design and development of all the processes can be overlapped using
concurrent engineering
Transformation of product specifications and new pro- cess technology into a new or revised production system
New process design and development projects
A codevelopment approach in which suppliers participate directly in product design activities
early supplier involvement (ESI)
Projects developing products or processes that will employ some entirely new technology
Radical breakthrough development projects
Cost categories in new product/process development are: _______, Sustaining and warranty costs, Production and sales support costs
Development costs
Existing products are continuously improved with minor changes or additions
Incremental product redesign
An ____ ____ is a collection of projects, ideas, programs and concepts that a company manages to reduce the potential risks associated with innovation
Innovation portfolio
Adding a peanut butter flavor or a new color to M&Ms candy amounts to a _____
derivative project
Activities and decisions such as: "1. Evaluate pilot production units, 2. Establish market channels and an order fulfillment system and 3. Train sales force and field service personnel" are part of which stage of product/process innovation?
Commercialization
New Coke was the CocaCola’s idea to tweak the classic recipe, making an already sweet soda even sweeter to compete with Pepsi: Innovation Fail or Success?
Fail! Loyal consumers were upset with the recipe change
_____ outsources its supply chain and production centers, which allows it to focus on producing their popular, user-friendly, high-quality tech products
Apple
In early 2023, _____ is adding a Car Cam to its product line of video doorbells, spotlight cameras, and security alarms
Ring
Using a version of concurrent engineering, this Japanese car manufacturer has become number one in the industry
Toyota