Role of Innovation in improving products, processes and services

Question 1

Benefits of Innovation for businesses you need to know.

Answer 1

Financial gain

Expansion of global market presence

Increased market share

Question 2

define innovation

Answer 2

the process of creating new ideas, products, services, processes, or methods that result in significant positive change or improvement.

Question 3

Most importantly in exam answer use this to tie benefits of innovation to?

Answer 3

competive Advantage

Question 4

What STOPS businesses innovating?

Answer 4

innovation costs money

Question 5

Financial gain

Answer 5

the increase in revenue or profit obtained by a company as a result of its operations, investments, or strategic decisions.

Question 6

examples of finacial gian

Answer 6

sales, profit, return on investment and cost efficiency).

Question 7

Benefits of Innovation 

Answer 7

A business case can be made for innovation. Before implementing a change its cost and benefits must be analysed to ensure that it will have a positive impact on the business. 

Question 8

innovation may also…..

Answer 8

prolonging a product’s life cycle, by delaying the onset of the decline stage. By adding features or improving quality and performance, customer demand can be maintained or increased. This will prolong the maturity stage of the product life cycle