-The systematic application of scientific knowledge to a new product, process, or service.
*Innovation:
-A change in method or technology; a positive, useful departure from previous ways of doing things.
*The Technology Life Cycle:
-Emerging technologies: are still under development and thus are unproved.
-Pacing technologies: have yet to prove their full value but have the potential to alter the rules of competition by providing significant advantage.
-Key technologies: have proved effective, but they also provide a strategic advantage because not everyone uses them.
-Base technologies: are those that are commonplace in the industry; everyone must have them to be able to operate.
*Assessing External Technological Trends:
-Benchmarking:
the process of comparing the organization’s practices and technologies with those of other companies.
-Scanning:
focuses on what can be done and what is being developed
places greater emphasis on identifying and monitoring the sources of new technologies for an industry.
*Framing Decisions about technological innovation:
-Make-or-buy decision:
The question an organization asks itself about whether to acquire new technology from an outside source or develop it itself.
*Technology Acquisition Options:
*Compensation Practices in Traditional and Advanced Manufacturing Firms:
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