1. What factors might make some industries harder to pioneer than others? Are there any industries in which there is no penalty for late entry?
Entry into an industry is determined by several factors. One of the factors is the observation of the set conditions for entry in the industry. For example, capital size and level of production may be some of the conditions. Technology awareness may be another key factor in entry into an industry (Cantner, 2007). As a method of controlling late entry, many industries impose charges on late entry curbing the behavior. It is termed as an uncompetitive strategy.
2. What factors should a firm considering marketing its innovations in multiple countries use formulating its protection strategy?
While marketing innovations, it is necessary to consider the state of counterfeiting law in the country. If it is allowed it may become hard to market the innovations. Awareness of rival companies may also be very useful in determining how to market the innovations (Cantner, 2007).
3. Why is innovation so important for industries to compete in many industries?
Innovation creates uniqueness in production, which is one of the elements that consumers search for in a product. It also encourages high quality production in the industry. These two factors would serve a crucial role in establishing a reliable industry that is able to outdo its competitors in its line of production (Cantner, 2007).
4. What are some of the ways a firm can try to increase the overall value of its technology, and its likelihood of becoming a dominate design?
Dominance in design formulation can only be achieved through existence of modern technology. This can be achieved through hiring of competitive individuals who may have skills to bring up new ideas and designs in the industry. Companies should seek to employ people with a record of high performance and innovations (Cantner, 2007). This may be achieved through developing seminars for talent shows in innovations.
5. What is meant by technology forecasting? What are some of the pitfalls?
This refers to the capability to predict what is to be developed in future in terms of technology. However, there are challenges that go along with the forecast. One of the main pitfalls is poor timing of a forecast. One may develop an idea, which may not be absorbed to the market at that particular time.
6. What factors led to Microsoft's emergence as the dominant personal computer operating system provider? Is Microsoft's dominance due to luck, skill, or some combination of both?
The main cause of dominance of Microsoft is its timely innovation. Bill Gates and his counterparts were skilled enough to develop a system that was compatible with the newly developed personal computer. The success of Microsoft was following skills and creativity of the founders.
7. What are some of the reasons that established firms might resist the adoption of a new technology?
Cost is one of the causes that may lead to rejection of new technology in a company.
The workers state of skills in the related technology may also prevent the company from employing new technology since there would be no one to operate the new technology (Cantner, 2007).
8. What is the difference between strength, a competitive advantage, and a sustainable competitive advantage?
Strength is the uniqueness that a company has in the production of its goods. This is an advantage in operations that one company has over other companies in an industry (Cantner, 2007).
9. How does the mode of collaborating (e.g., strategic alliance, joint venture, licensing, outsourcing, collective research organization) influence the success of collaboration?
Collaboration allows development of a pull of skills and opportunities for companies. Collaboration succeeds when companies or individuals are able to benefit from each other for a long period of time (Cantner, 2007).
10. Consider a firm that is considering marketing its innovation in multiple countries. What factors should this firm consider in formulating its protection strategy?
The implementation of counterfeiting law in the country should be very vital. The company may also figure out the platform for competition among companies in the industry.
11. What are some of the advantages and disadvantages of having formalized procedures for improving the effectiveness or efficiency of innovation?
Advantages of having a formalized procedure of improving efficiency of innovation include a clear definition of results of innovations in a business. A formal tract of innovations may be developed making the company a consultant to other companies in the industry. The disadvantage involved in this is the possibility of duplication of the system in the company (Cantner, 2007). This would render the company uncompetitive.
12. What is Corporate Social Responsibility and how does impact the introduction and acceptance of newly innovative products introduced to the public?
Corporate social Responsibility (CSR) is a form of regulation outlined by a company to govern its relation with the society within which it operates. CSR aids in controlling the quality of goods and services that gain entry into a market (Cantner, 2007). Therefore, for any company it governs innovation as key to quality production.
13. Are hybrid electrical vehicles a radical innovation or an incremental innovation? Explain.
This is an incremental innovation. This is because, in the past there never existed ideas of electrical vehicles and the developers of these vehicles have come up with completely new ideas to suit the market.
14. What factors do you think influence the rate at which hybrid electric vehicles are adopted by consumers?
Cost is one of the factors. Unlike other vehicles, electrical vehicles are powered with low maintenance cost. Convenience is the other factor. The vehicles are faster than the other models of vehicles.
15. What would be the advantages and disadvantages of Toyota and Honda collaborating and produce the same standard engine in a hybrid electric vehicle?
The two companies have a well recognized brand in the world. Therefore, they will be able to reach a wide market in the entire world.
16. Often, one innovation leads to a wide set of other opportunities from the same technology. New uses for the existing products can lead to a whole new market or to unexpected innovations. Everett Rogers calls this sharing of information ‘diffusion’. What are the main elements of diffusion according to Rogers and how do they impact innovation? Provide a brief explanation of each.
There are four elements:
Specific innovation
This is the definition of the new idea, which should be unique from any other factor of innovation (Cantner, 2007).
Process of interpersonal and mass communication that created awareness of the item is the second element (Cantner, 2007). It is the force behind the recognition of the new idea.
Specific kind of social system is the third element that tries to explain the impact that the innovation is likely to have in the society (Cantner, 2007).
The fourth element is defined by the different types of individuals that make made decisions at different stages of diffusion (Cantner, 2007).
It depicts how interactions by different forces may impact existence of new technology.
17. What impact would a supply chain have on an innovation?
It would connect a company to other companies, with which they may share ideas on operations and existence of new ideas. Challenges met in delivery of the products may also be a platform for innovation (Cantner, 2007).
18. Describe the three stages of the strategic planning process and how they impact the management of technology and innovation.
One of the stages of strategic planning process is preparation which is also known as environment scanning. It involves searching for what is required in the innovation (Cantner, 2007). The second one is planning, which involves strategies on how to reach success of a given idea. Methods of making the innovation succeed are defined at this point (Cantner, 2007). The third stage is review, which defines the evaluation of the success of the ideas that have been developed.
19. Disruptive Technology. Tell me about it and its effect towards the creation and implementation of innovation.
These are drastic changes in current ways of doing things in a way that they can completely change how activities are conducted in the given sector. This is a motivation to innovation and may encourage continuous innovation in a given sector. It will encourage how people in the industry think and influence them to making ample decisions that would yield massive success for the company (Cantner, 2007). It is a platform on which a company can outdo its competitors by coming up with an overall innovation that will not be countered in the near future.
Reference
Cantner, U. (2007). Innovation, industrial dynamics and structural transformation Schumpeterian legacies. Berlin: Springer.
