1.1.1 Innovation

Question 1

definitionn innovation

Answer 1

creating of a new idea, product or process and turning it into a markatable product/service

Question 2

definition invention

Answer 2

formulation of new ideas dor products/services

Question 3

difference between invention innovation

Answer 3

invention is idea and innovation is markatable

Question 4

product innovation definition

Answer 4

launching of a new or improved product/service into market

Question 5

process innovation definition

Answer 5

when business seeks to find better or more efficient ways of producing existing products or delivering existing services

Question 6

examples firms known innovation

Answer 6

Zara, Apple, Coke, Starbucks

Question 7

benefits product innovation

Answer 7

first mover advantage, highrt profitability, can build early customer loyalty, enhance reputation, increase market share

Question 8

benefits process innovation

Answer 8

reduces cost, improves quality, better customer service, greater flexibility, higher profis