1. Why is the management of the innovation process crucial for companies today? Which different phases of the innovation process can be distinguished and what tools can be used in each phase to facilitate decision-making? 2. Regarding the timing of a new product launch a company can try to be first in introducing a product innovation to the market (pioneer strategy) or can enter the market at a later date after similar products have been launched (follower strategy). What are potential advantages and disadvantages of the pioneer strategy? 3. The product mix refers to the entire range of products and items a company offers at a given point in time. How can the structure of the product mix be described? Give a definition and explanation of the two essential structural characteristics of the product mix and use a practical example to illustrate your explanation. 4. Product differentiation refers to the addition of new product variants to an already existing product. We distinguish between two different forms of product differentiation: vertical and horizontal product differentiation. What is the difference between vertical and horizontal product differentiation? What are the motives for employing the strategy of product differentiation