A New Approach to New Products

Read the following articles:

A New Approach to New Products
Honda Took Pride in Doing Everything Itself. The Cost of Technology Made That Impossible

Answer the following questions:

What is open innovation?
Honda once took pride in doing everything itself. Was this also good strategy or merely pride?
Why does Honda believe that such technology independence is no longer feasible? Which factors have eroded this strategy?
Provide one example from the article illustrating the need for Honda to shift its strategy toward outsourcing some technology.
Overall, can Honda still remain truly competitive by relying on others for technological components? How can Honda still supply unique products?

Sample Solution