INTRODUCTION TO INNOVATION Flashcards
1
Q
What is innovation
A
Innovation is the process of generating a new idea and putting it into action.
2
Q
What does innovation include
A
Coming up with a completely new ideas (invention)
Refining an old idea (innovation)
3
Q
What is product innovation
A
Product innovation occurs when a company creates a new product or service, or improves an existing one. - Like electric cars
4
Q
What is process innovation
A
Process innovation occurs when changes are made to the business model. I.E changing the production process, the supply chain of the organisational structure (what consumers don’t necessarily see)
5
Q
A
