Innovation Flashcards
1
Q
Innovation
A
The development of an idea into a new product or process
2
Q
Product innovation
A
Adapting a product that already exists
3
Q
Purpose of innovation
A
Firms cannot afford to stand still in competition markets
4
Q
Risks of innovation
A
Firms can made losses on innovation fails
5
Q
Benefits of innovation
A
USP
Less competition due to patent
Increase prices
More efficient
6
Q
Drawbacks of innovation
A
R and D costs
Few innovations are effective
Opportunity costs
