Question 1

Discuss the portfolio evaluation model proposed by the Strategic Decision Group (SDG) which takes into consideration expected commercial value and probability of technical success.

Accepted Answer

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Question 2

To generate quick revenue, Helium Corp., an electronics manufacturing firm, launches its new product by making a technical improvement to one of its competitor's ERP offerings. This is an example of _____.

Accepted Answer

This scenario describes product adaptation, as Helium Corp. is making a technical improvement to an existing product from a competitor rather than creating a completely new and innovative product. This strategy allows them to enter the market quickly and generate revenue without investing too heavily in research and development.

Question 3

Elaborate how platforms can be used to gain competitive advantage globally with suitable examples.

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Question 4

The first step in the process of creating a product innovation charter (PIC) for a firm is to:

Accepted Answer

The first step in the process of creating a product innovation charter (PIC) for a firm is to look for opportunities, inside the firm or outside it. This involves conducting a thorough analysis of the market, competitors, and customer needs to identify areas where the firm can create value through innovation. Once the opportunities are identified, the PIC can be developed to guide the firm's innovation efforts towards these opportunities.

Question 5

Tweaking existing technology in a new way is usually called _____.

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Question 6

First-to-market products that do not involve any changes in technology, but the use is totally new primarily involve _____.

Accepted Answer

Applications engineering involves taking existing technologies and applying them in new ways or to new uses, which aligns with the description of first-to-market products that do not involve changes in technology but have a totally new use.

Question 7

Write a short note on the Product Innovation Charter (PIC).

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Question 8

In the context of a bubble diagram, incremental change on both extent of product change and extent of process change dimensions leads to _____.

Accepted Answer

Incremental changes usually involve small improvements or enhancements to existing products or processes, rather than completely new or groundbreaking developments. Therefore, option C - enhancement products - is the best choice. The other options, such as next-generation products, new product platforms, and breakthroughs, tend to require more significant changes or innovations.

Question 9

What are the various ways of implementing the first-to-market strategy? Explain with examples.

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Quiz 3: Opportunity Identification and Selection: Strategic Planning for New Products