13889959
Description
Flashcards by Christian Weibel, updated more than 1 year ago
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Created by Christian Weibel
over 6 years ago
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| Question | Answer |
| What is entrepreneurial orientation? | Strategy making process that provides organizations with a basis for entrepreneurial decisions and actions |
| 5 EO Dimensions | 1. Autonomy 2. Innovativeness 3. Risk Taking 4. Proactiveness 5. Competitive Aggresiveness |
| What means autonomy? | Freedom which is granted to employees to exercise creativity and develop ideas. Without control from top management. |
| How to foster external autonomy? | - Avoid cluster risks with suppliers and customers - Remain financially independent |
| What means innovativeness? | Firm's tendency to engage in and support new ideas which may result in new products, services, or processes. |
| General categories of innovation | Radical innovation vs. icremental innovation. Blockbuster vs. Step-by-Step. |
| 4 Innovation Forms | 1. Imitation 2. Continuous innovation 3. Dynamically continuous innovation 4. Discontinuous innovation |
| 9x Effect? | Consumers are usually: 1. Skeptical about sth new 2. Unable to see the need 3. Quick to see what they already own Companies are often: 1. Convinced that the innovation works 2. Likely to see a need for the product 3. Viewing the innovation as the benchmark |
| What means risk-taking? | Degree to which managers are willing to make large and risky resource commitments. Willingness to innovate. |
| 3 Dimensions of Risk-Taking | 1. Risk of losing control 2. Risk of organizational failure 3. Ownership risk |
| What means proactiveness? | Anticipating and acting on future needs by seeking new opportunities. First mover advantage (or mistakes). |
| What means competitive aggressiveness? | Firm's behavior of directly and intensely challenge its competitors to improve the own position |
| How much EO is needed? | Find a good balance for all dimensions is key! |
| Red ocean strategy | Market where competition is high, price pressure is severe, and differentiation is difficult to achieve |
| Blue ocean strategy | Market which can be created by changing factors influencing customer values. Competitors are pushed back. |
| Blue Ocean: What means value innovation? | Simultaneous pursuit of differentiation and low cost. Creating a leap in value for the buyers and the company. |
| Blue Ocean: What means the value curve? | Shows how a company configures its offerings. Eliminate, create, reduce, and raise sth |
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