Running Head: HOMEWORK 1, CHAPTER 1 & 2
San Ignacio University
Strategic Management and Technology
Prof. Dr. Lemus
Discussion Questions Page 10
1. Why is innovation so important for firms to compete in many industries?
The increasing importance of innovation has been driven largely the globalization of markets and the advent pf advanced technologies that enable more rapid product design and allow shorter production runs to be economically feasible.
Today, in order for businesses to succeed, management must trust in the technologies.
2. What are some advantages of technological innovations? Disadvantages?
· Improve quality of life
· Create more knowledge
· Improve communication
· Create Pollution
· Agricultural and fishing technologies can result in erosion, elimination of natural habitats, and depletion of ocean stocks.
· Medical technologies can result in unanticipated consequences such antibiotic resistant strains of bacteria of moral dilemmas regarding the use of genetic modification.
3. Why do you think so many innovation projects fail to generate an economic return?
While government plays a significant role in innovation, industry provides the majority of R&D fund that are ultimately applied to technological innovation.
Successful innovation requires an in-depth understanding of the dynamics of innovation, a well-crafted innovation strategy, and well-developed process for implementing the innovation strategy.
Discussion Questions Page 37
1. What are some of the advantages and disadvantages of (a) individuals as innovators, (b) firms as innovators, (c) universities as innovators, (d) governments institutions as innovators, & nonprofit organizations as innovators?
Incentive to solve own problems
No resources to invest in projects
Management systems to organize innovative efforts
Some need more knowledge than individuals.