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26 Cards in this Set
- Front
- Back
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Long tail |
A business model in which companies can obtain a large part of their revenues by selling a small number of units from among almost unlimited choice . Occur when the value of a product increases with number of users |
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First mover advantages |
Competitive benefits that accrue to the successful innovator |
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Industry life cycle pg 254 |
The five states introduction, growth,shakeout, maturity and decline . That occur in the evolution of an industry over time |
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Social entrepreneurs |
Pursuit of social goals ( triple bottom line) while creating a profitable business |
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Strategic entrepreneur |
Pursuit of innovation using tools and concepts from strategic management |
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Network effects |
Positive effect that one user of a product or service has on the value of that product for other users |
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Standard |
An agreed upon solution about a common set of engineering features and design choices |
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Product innovation |
New products |
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Process innovations |
New ways to produce existing products |
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In the decline stage firms |
Exit Harvest -reduces investments and allocates minimum resources Maintain - continue operation consistently Consolidate |
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Crossing the chasm framework |
Model that shows how each stage of industry life cycle has different customer group |
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Typed of customers |
Technology enthusiasts, early adapter, early majority , late majority , laggards |
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Technology enthusiasts |
Customer segment in the introductory stage life cycle . Often engineer mindset , frequently seeking new products before they come out to market. Smallest segment |
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Early adoptors |
Customers entering market in the growth stage. Eager to buy into new tech or product. |
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Early majority |
Makes 1/3 of market customers coming into the shakeout stage of life cycle . People that are mainly concerned with whether adopting a new technology innovation is practical or not |
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Late majority |
Customers entering the maturity stage of life cycle . They will wait until standards have emerged and become firm so as to reduce uncertainty. They tend to buy from well established firms with strong brand image |
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Laggards |
Customers entering during declining stage . Will only adopt new product if absolutely necessary. Generally they don't want new technology are generally not a segment worth pursuing |
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Incremental innovation |
An innovation that squarely builds on an established knowledge base and steadily improves an existing product or service |
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Radical innovation |
An innovation that draws on novel methods or materials is derived either from an entirely different knowledge base or from a recombination of existing knowledge bases with a new stream of knowledge. Targets new markets by using new tech |
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Markets and technology framework |
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Winner take all markets |
Markets where the market leader captures almost all of the market share and is able to extract a significant amount of the value created |
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Organizational inertia |
Resistance to change in the status quo |
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Innovation ecosystem |
A firm embedded ina complex networks of suppliers , buyers, and complementors |
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Architectural innovation |
A new product in which known components based on existing technologies are reconfigured in a novel way to attack new markets |
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Disruptive innovation |
An innovation that leverages new technologies to attack existing markets from the bottom up |
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Platform business |
An enterprise that creates value by matching external producers and consumers ina way that creates value for all participants, and that depends on the infrastructure or platform that enterprise manages . |
