3.9.2 - assessing innovation

Question 1

what is innovation?

Answer 1

producing a creative product that can drastically change a market status - doing things in a different way to get competitive advantage

Question 2

how can you be innovative?

Answer 2

• fill gaps in the market
• giving customers something they didn’t know they wanted
• improving a product
• creating engaging marketing

Question 3

what are the 2 types of innovation?

Answer 3

• product and process
• research and development

Question 4

what is intellectual property?

Answer 4

stuff you own (intangible) but have protection over

Question 5

what is a trademark?

Answer 5

protection over names, logos and slogans - brands

Question 6

what is copyright?

Answer 6

protection over songs/movies/books/games

Question 7

what is a patent?

Answer 7

protection over products/inventions

Question 8

what is intrapreneusip?

Answer 8

encouraging people in the workforce to be entrepreneurial - take risks