Enterprise-innovations-and-markets-notes

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School
Western Sydney University **We aren't endorsed by this school
Course
BUSINESS TTEC605
Subject
Economics
Date
Nov 3, 2023
Pages
51
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Studocu is not sponsored or endorsed by any college or university Enterprise Innovations and Markets Notes Enterprise Innovation and markets (Western Sydney University) Studocu is not sponsored or endorsed by any college or university Enterprise Innovations and Markets Notes Enterprise Innovation and markets (Western Sydney University) Downloaded by brody mcconchie ([email protected]) lOMoARcPSD|22596463
Week 1 - Chapter 1 Innovation: the clever country Introduction: where could Australia genuinely innovate? - Australia's future prosperity cannot depend on repeating the past because of the: - Decline in mining revenue - Elimination of manufacturing jobs - Climate-dependent uncertainties in agricultural productivity - Australia's strengths - We live on the world's largest solar collector - Strong record of innovation in the medical area (e.g. Gardasil, ResMed sleep mask, Cochlear implants) - Meaning of Innovation [LO 1.1] - Innovation - from Latin in and novare meaning 'to make something new' - The process of creating value from ideas - The successful implementation of creative ideas within an organisation - Entrepreneurship consists a mixture of energy, vision, passion, commitment, judgement and risk-taking → provides the motive power behind the innovation process - 6 Aspects of Innovation (viewed or characterised as): - (1) Identifying or creating opportunities e.g. mobile phones and tablets revolutionised the way we communicate - (2) New ways of serving existing markets e.g. Coles, Woolworths' online shopping - (3) Growing new markets e.g. auction market with eBay - (4) Rethinking service e.g. online banking and nor more queues - (5) Meeting social needs e.g. Facebook & LinkedIn (social platforms) - (6) Improving operations e.g. using robotics in manufacturing, mining and medicine - Barriers to innovation include [LO 1.2] : - Seeing innovation as ideas , not managing the whole journey - Not recognising the need for change - Mindset and complacency - core competence becomes core rigidity - Closed information network , insulated from new ideas Downloaded by brody mcconchie ([email protected]) lOMoARcPSD|22596463
- Sources of innovation [LO 1.3] : - Within a company or an industry: - (1) Unexpected occurrences - (2) Incongruities - (3) Process needs - (4) Industry and market changes - Within social and intellectual: - (5) Demographic changes - (6) Perceptual changes - (7) New knowledge - Different types of Innovation [LO 1.4] : - Ideas are NOT enough for innovation - Innovation is a multidimensional concept - Entrepreneurship can occur with little, if any, innovation - Disruptive (Radical) innovation: - Change the value proposition - Causes fundamental changes in the marketplace - 'Innovator's dilemma' enables more flexible, entrepreneurial companies to capitalise on industry growth. e.g. Uber disrupted the traditional taxi services - Cost innovation: - 'Value for money' - Can be delivered in three ways: - Selling high end products at mass-market prices - Offering choice or customisation to value customers - Turning niches into mass markets - What do successful innovators and entrepreneurs do? [LO 1.5] - (1) Explore and understand the dimensions of innovation The 4P's of Innovation Dimension Type of change Product Changes in the things (products/services) which an organisation offers e.g cars with GPS, auto reverse, etc Process Changes in the way in which these offerings are created and delivered e.g McDonald's - create your own taste Downloaded by brody mcconchie ([email protected]) lOMoARcPSD|22596463
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