CSM Innovation & Business Development Flashcards

What is 'open innovation' in the context of strategic management?

Answer: Leveraging external ideas, partners, and paths to market alongside internal R&D

Open innovation is a paradigm where organizations use inflows and outflows of knowledge—from customers, startups, universities, and partners—to accelerate internal innovation.

The Business Model Canvas was primarily designed to help organizations:

Answer: Visualize, design, and challenge how a business creates and delivers value

The Business Model Canvas by Osterwalder provides a one-page visual framework covering nine building blocks that collectively describe how a business creates, delivers, and captures value.

A 'first-mover advantage' in strategic management refers to:

Answer: Benefits gained by the first company to enter a new market or product category

First-mover advantage allows a company to build brand recognition, customer loyalty, and economies of scale before competitors enter the market.

In Ansoff's Growth Matrix, 'market penetration' refers to:

Answer: Selling existing products to existing markets more aggressively

Market penetration involves increasing sales of existing products in existing markets through tactics like price reductions, promotions, or improved distribution.

What distinguishes 'intrapreneurship' from entrepreneurship?

Answer: Intrapreneurship involves entrepreneurial activity within an established organization

Intrapreneurship refers to employees acting entrepreneurially within an existing company, innovating new products or processes while leveraging organizational resources.

Which growth strategy involves expanding into new markets using products already in a company's portfolio?

Answer: Market development

Market development involves taking existing products into new customer segments or geographic markets to grow revenue without developing new offerings.