invention and innovation Flashcards
1
Q
define invention
A
formulation of new ideas for product processes
2
Q
define innovation
A
application of new invention into products or services
3
Q
define product innovation
A
launching new or improved products on to the market
4
Q
list benefits on product innovation
A
higher prices and profitability
added value
enhanced reputation
5
Q
define process innovation
A
finding better ways of producing existing products
6
Q
list benefits of process innovation
A
reduced costs
improved quality
flexibilty
