Management of Technological Innovation

Max out credit cards develop new product establish

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Unformatted text preview: Low market share, low growth: dogs: sell! Big mistake: mature businesses can use technology, too: Standardize product Quality control: make sure everything coming down the assembly line is to company’s standard Re- engineer (rationalize) system with robots and IT Cost control: Bulk purchasing Minimize inventory Eliminate unnecessary steps Innovate as needed Introducing new operating technology in a mature organization: Rationalize before you introduce new technology Be aware of the organizational and human consequences of introduction of new technology Co- opt or retrain those responsible for implementation: teachers, salespeople, distributors Start- up firm, state- of- the- art technology: High tech business venture: New product based on new technology focus on identified market and its requirements initial venture team: technology and product design production management marketing management capital and financial management Critical events in the life of a venture: Start- up capital (max out credit cards) Develop new product Establish production Sales grow Revenue grows Production expands 2nd round of finance find new markets Meet competitive challenges Im...
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