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Lecture Notes for MGT 3304 - Mgt Th & Lead Pract with Neck at Virginia Tech (VT)

Notes Information

Material Type:Outline 14
Professor:Neck
Class:MGT 3304 - Mgt Th & Lead Pract
Subject:Management
University:Virginia Polytechnic Institute And State University
Term:Fall 2008
Keywords:
  • Product Champion
  • New Technology
  • New Product Process
  • New-Product Process
  • Inexpensive
  • Organizational Effectiveness
  • Organization
  • Interventions
  • Technological
  • Supermarkets
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Sample Document Text

Chapter 14: Innovating & Changing • Innovation- a change in method or technology that is a positive, useful departure from previous ways of doing things; the introduction of new goods and services. • 2 Fundamental types of Innovation: 1. Process innovations: changes that affect the way outputs are produced. 2. Product innovations: changes in the actual outputs (goods and services) produced. I. Deciding to adopt new technology o 2 Generic strategies a company can use to position itself in the market: 1. Company has an advantage by maintaining a lower cost than its competitors. 2. Company has advantage by offering unique good or service (Differentiation) for which customers are willing to pay a premium price. For either strategy, managers must: assess technology needs, decide whether to adopt a new technology, and if they adopt the technology, determine the best method for developing or acquiring it. o A. Assess organizational needs for technologies To assess technology needs, managers measure curren...

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