Module 1.4 - Innovation in Business Flashcards
What is innovation
changing an existing product or process so that it is more effective then ever before
What is market segmentation
marketers divide the market into groups of consumers who have common needs and wants
What are the 4 segments of the market
Geographical - where consumers live
Demographic - age, income, gender, ethnicity
Behavioural - amount of knowledge consumers have of product
Lifestyle - attitudes, opions on hwo to spend money
What influences business culture
values, beliefs, vision for business, habits
What happens if a company is considered a nice place to work
productivity will be higher
How does a business use a process
businesses use processes to create a product
What happens if a business process isn’t efficient
productivity will decline
