What Is Innovation
What words describe Innovation? (min. 3)
Original, Unexpected, Fresh, never been thought of before, never been seen before, creative, new, useful.
What could detect pollutants at very small concentrations?
Clams
What are the 4 Ps of Marketing?
Product, Price, Place, and Promotion
Build the habits and ____.
Routines that lead to growth.
What are the 3 types of innovation discuessed?
Sustaining innovation, Low-end disruption, and New-market disruption.
What Reactions Describe Innovation? (min. 2)
"Isn't that clever?"/ "What a great Idea!"/ "Why didn't anyone ever think of doing it before?"
Innovation at its core is about ____.
Solving problems
What are the 4 Ps of Innovation?
Population, Penetration, Price, and Purchase Frequency
Innovation doesn't just mean inventiveness; it can also be ____.
Something different that creates value.
Sustaining innovation is ____.
An improvement on an existing product.
What is a description for innovation? (min. 1)
Challenging conventional notions of how things have been done before. Bringing ideas from one industry to another or from one geographic region to another.
What are the 4 types of innovation?
Sustaining innovation, Breakthrough innovation, Disruptive Innovation, and Basic Research
Multiplying the 4 Ps gets you ____.
Annual Revenues
DAILY DOUBLE: Who started a "27,000 person start-up"?
Piyush Gupta, CEO of DBS Bank.
When a business comes in at the bottom of a market with a "good enough" product, this is ____.
Low-end Disruption
DAILY DOUBLE: What are some strategic criteria for Innovation? (min. 2)
1. Creating meaningful points of difference for products and services vs. current alternatives. 2. Fulfilling unmet customer needs. 3. Engaging brands to compete in incremental new markets or category segments. 4. Delighting/ engaging/ capturing imaginations of consumers of consumers to increase loyalty.
Innovation should be treated as ____.
A set of tools that are designed to accomplish specific objectives.
What is Considered the 5th P of Innovation?
Profit Margin
What does BEAN stand for?
Behavior Enabler, Artifact, and Nudge
When a business creates a new segment to reach underserved customers, this is called ____.
New-market Disruption.
The best new products/ services frequently offer a number of innovative _____.
characteristics/ features/ attributes/ and customer "touchpoints" in combination.
There are always new problems to solve; _____.
Learn to apply the solution that best fits your current problem.
Complicated spreadsheets can be useful, but it can also be ____.
A way to mistake motion for progress.
What are the 3 steps to building a BEAN?
Step 1: Specify the desired characteristics. Step 2: Identify blockers. Step 3: Come up with Interventions.
Low-end disruption may also be called ____.
Disruptive Innovation.