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New Product Development and Managing Innovation
June 2021 Examination
- Explain how content platforms such as Netflix, Amazon Prime, etc. have developed core abilities in managing innovation. (10 Marks)
Answer 1.
Introduction:
Innovation is a way to create new business. Employees, customers, and suppliers are principal actors in the process of innovation. Innovation is a process that requires change. Change in the way of thinking and acting. In this book, innovation is viewed as a management process.
- Successful companies use ‘new products strategy’ before idea generation to identify strategic business requirements that should be satisfied by new products. In lieu of this statement, explain any 2 models used for strategic planning. (10 Marks)
Answer 2.
Introduction:
Organizations are always looking for ways to improve. It’s how they stay relevant and, more importantly, profitable. But you don’t get better just by desiring it. It takes strategy and then a model for implementing that strategy.
There are quite a few strategic planning models, and they can be very different from one another.
3. As the Chief Technology Officer of your organization which is into e-learning, you have to conduct training for senior members of your team to make sure that when they formulate the technology strategy, they take a holistic approach. Based on your research you decided to create a module based on Porter’s book ‘Competitive Advantage.’ How will you answer the following questions asked by the participants?
a. How should we identify technologies that are significant for altering the existing structure of the industry? (5 Marks)
Answer 3a.
Introduction:
In business, a competitive advantage is the attribute that allows an organization to
Outperform its competitors.
A competitive advantage may include access to natural resources, such as high-grade ores or a low-cost power source, highly skilled labour, geographic location, high entry barriers, and new technology access.
Competitive advantage is the leverage a business has over its competitors. This can be gained by
b. What actions does Porter recommend to strengthen the overall technological position of a company by aligning it to the overall corporate strategy?
Answer 3b.
Introduction:
Porter’s Five Forces is a simple but powerful tool for understanding your business environment’s competitiveness and identifying your strategy’s potential profitability.
For example, you could take fair advantage of a strong position or improve a weak one and avoid taking wrong steps in the future.
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