MGT 4090 - Week 10 Session 2 - Innovation & Entrepreneurship

A set of vocabulary flashcards derived from the MGT 4090 Management Policy & Strategy Week 10 lecture notes, covering key concepts related to innovation and entrepreneurship.

Innovation

The process of translating an idea or invention into a good or service that creates value or for which customers will pay.

Disruptive Innovation

A process where a smaller company with fewer resources successfully challenges established businesses.

Incremental Innovation

Improvements made in existing products or services within established markets.

Radical Innovation

Completely new methods and technologies that create new markets and value propositions.

Technology Enthusiasts

Market segment that enters during the introductory stage, characterized by a proactive pursuit of new technology.

Early Adopters

Group that enters the market during the growth stage, driven by imagination and the potential of new products.

Early Majority

Segment that enters the market during the shakeout stage, typically pragmatic and influenced by endorsements.

Late Majority

Group that enters during the maturity stage, characterized by hesitance and preference for established brands.

Laggards

Segment that adopts products only when necessary and typically avoids new technology.

Crossing-the-Chasm Framework

A model used to understand the transition of innovations from early adopters to the early majority in the market.

Architectural Innovation

Leveraging existing technology in a new market context.

Market Size

The total potential sales of a product or service within a specific market.

Organizational Inertia

The reluctance of established firms to respond to changes in the business environment.

Economic Incentives

The motivations for companies to maintain their market position through focused innovation.

Innovation Ecosystem

The network of firms and institutions that influence the innovation process and facilitate the development of new technologies.