CSM Innovation & Business Development Flashcards

'Adjacency expansion' in business development means:

Answer: Growing into new but related markets or products that leverage existing capabilities

Adjacency expansion allows companies to grow incrementally into nearby markets or products where their existing strengths provide a competitive edge.

What is 'product-market fit' in the context of business development?

Answer: The degree to which a product satisfies strong market demand

Product-market fit occurs when a product effectively meets the needs of a target market, evidenced by strong customer retention, word-of-mouth growth, and willingness to pay.

A competitive intelligence program primarily helps an organization:

Answer: Systematically gather and analyze publicly available information about competitors to inform strategy

Competitive intelligence involves ethically collecting and analyzing data on competitors' strategies, products, and market positioning to improve a company's own strategic decisions.

Which innovation type involves applying existing technology in a new market or application?

Answer: Architectural innovation

Architectural innovation reconfigures how existing components or technologies are linked together, often opening new markets without requiring fundamentally new technology.

In business development, a 'strategic alliance' differs from a merger because:

Answer: Alliance partners remain independent legal entities while retaining shared objectives

In a strategic alliance, both companies maintain their independence and collaborate on specific objectives, unlike a merger where two entities combine into a single organization.

What does 'technology roadmapping' help an organization accomplish?

Answer: Align technology investments with long-term business strategy and future market needs

A technology roadmap visually links business strategy, product plans, and technology development over time, ensuring R&D investments align with strategic goals.