innovation Flashcards
what is innovation
it is the process of introducing new or significantly improved goods or services.
what does Goods and services do
They bring new ideas to an organization that discover different ways to utilize current goods and services.
processes and practices refers to
organization makes important changes in how they produce or deliver goods and services.
research and development R&D
is the investment focused on innovating, introducing, and enhancing products and processes.
benefits or research and development
-market leader opportunities.
-development of new products and processes
-innovation licencing opportunities
-increases export opportunities
-development of a culture of innovation
-improves quality
-higher skilled employees
-increases economies of scale
Pursuing a competitive advantage
They must stand out from rivals and attract customers by offering products or services that are more appealing than those of their competitors in the same market.
What are some competitive advantage
-stay up to date with competitors
-watch and meet global trends
-achieving better efficiencies
-lowering costs
-fulfilling a social or market need
what is competitive advantage innovation
Businesses can gain an advantage over competitors by creating and using better ideas, practices, and products. This helps them attract more customers and be more successful in the market.
How to manage the workforce
allowing employees to have a flexible work practices around family requirements
managing workforce helps
it helps raise the level of worker satisfaction which increases motivation and encourages innovation practices amongst employees that can make them more productive at work
increased productivity is
Making more products helps businesses spread their manufacturing costs over a larger number of items.
This lowers the cost per item and allows the business to lower the selling price while maintaining the same profit.
Essentially, producing more goods helps save money, enabling businesses to offer lower prices to customers.
does research and development bring
it brings new products to the market ahead of your competitor giving you an advantage over them.
what does advertising and marketing do to people
it makes people want to buy things even when the products are very similar. Companies want to be the brand that people love and feel like they really need. it helps to create a feeling that their product is special and makes people happy. This makes people want to buy it and think they can’t live without it.
how to offer low cost products
you have to lower the prices which means you have to lower the company’s cost
offering low cost products leads to
reducing number of paid employees which replaces them with technology and robotics or even moving overseas to take advantage of cheaper labour rates
