ManagementLesson 1 of 7 in the course Management of Technology and Innovation

Technology and Innovation Management: Strategy, E-Hubs, and Organizational Adaptation

5 flashcards · 5 quiz questions · 5 match pairs · 5 fill-in sentences · English

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Summary

Management of technology and innovation (MTI) helps organizations use resources, processes, and new ideas to create value and remain competitive. This lesson introduces organizational technology, the main responsibilities of technology management, and the relationship between technology and innovation.

Organizations transform inputs—such as people, materials, information, and money—into outputs, such as products and services. Organizational technology includes the processes that support this transformation, along with the evaluation and control mechanisms used to assess and guide it.

All flashcards

Technology strategy
The logic guiding how an organization will use technology and the role technology will play.
Technology project portfolio management
Using a portfolio approach to manage technologies under development and technologies already in use.
Innovation management
Managing change and creating processes that help valuable new ideas emerge and develop.
Cooperative model expansion
Developing internal or external collaborations so different parties can contribute to technology development and use.
Intellectual property rights
Legal protections such as patents, copyrights, and trademarks that can help firms capture innovation’s value.

Quiz questions

  1. What is an electronic trading hub, or eMarketplace?Answer: A specialized online platform for electronic commerce between businesses in an industry.
  2. What do content-management applications do within an electronic trading hub?Answer: Maintain an up-to-date master catalog of participating members’ inventories.
  3. What is a function of a transaction manager in an electronic trading hub?Answer: Automating trading arrangements and supporting aggregation and settlement services.
  4. What is strategic inertia?Answer: Failure to innovate and adapt as conditions change, risking customers and market share.
  5. How can intellectual property licensing help a firm capture value from innovation?Answer: It can let the firm earn revenue from protected technology without producing competing products.

Based on Principles of Management by David S. Bright, Anastasia H. Cortes, Eva Hartmann, K. Praveen Parboteeah, Jon L. Pierce, Monique Reece, Amit Shah, Siri Terjesen, Joseph Weiss, Margaret A. White, Donald G. Gardner, Jason Lambert et al. (OpenStax), licensed CC BY 4.0. Adapted into a summary, flashcards and quizzes.

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