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What is the modification of an existing product or process?
Innovation is the modification of an existing product or process.
What are the four stages in product life cycle?
Innovation, Growth, Maturity, and Decline.
What factor must be traded off by product development before introducing a new product?
Before introducing a new product, product development must trade off between innovation and market demand. While innovation can differentiate the product and attract attention, it is crucial to ensure that it aligns with customer needs and preferences to achieve market acceptance. Additionally, balancing the cost of development and the potential return on investment is essential to ensure the product's financial viability. This trade-off ultimately influences the product's success in the competitive landscape.
Creating a new product life cycle is the underlying philosophy of a strategy based on A. product development B. innovation C. market development D. vertical integration E. horizontal integration?
Market Development
Identify the role of marketing objectives in developing a marketing plan?
Product introduction or innovation. Sales or market share. Projected profitability. Pricing. Distribution. Advertising. Team organization.
What is the difference between technology and innovation?
the skill and equipment use to improve the quality of product is technology and innovation is also the improvement of the product quality but in this we are not using the equipment only human skills are using in the innovation
What is the modification of an existing product or process?
Innovation is the modification of an existing product or process.
How can you use the word innovation in a sentence?
Innovation is the introduction of new ideas, methods, or things. Their company is interested in product design and innovation. We must promote research and encourage innovation.
How does implementation differ for product innovation and process innovation?
Implementation is the process of making the process come to life. The innovation is new ideas that come into existence.
What is production innovation?
because if we are not succsesfull in our plan and also in market and our product image has been removed from customes and consumers mind so we should make a change in our product because of this reason product innovation is more importan for us
What do you mean by innovation as a science push?
It means that the innovation of the product is lead by "new science" being developed, i.e. new technology leads to the production of a new product, as a pose to market pull innovation, where the market has a need, and science is developed to support the need.
A simple definition for innovation?
A new method, idea, product, etc.
What are the different types of innovation and how do they contribute to overall business success?
There are three main types of innovation: product innovation, process innovation, and business model innovation. Product innovation involves creating new or improved products or services. Process innovation focuses on improving the way products are made or services are delivered. Business model innovation involves changing the way a company creates, delivers, and captures value. Each type of innovation can contribute to overall business success in different ways. Product innovation can help a company stay competitive by offering unique and desirable products. Process innovation can increase efficiency and reduce costs, leading to higher profits. Business model innovation can help a company adapt to changing market conditions and create new revenue streams. Overall, a combination of these types of innovation can help a business grow and thrive in a competitive marketplace.
Experimentation is crucial in the innovation process?
In the innovation process, an individual must conduct experiments to test the solution or product. Appropriate modification is done to improve the innovation during the trial period. The finished product is well characterized, and relevant information such as side effects or safety measures is available.
What is an example for product orientation?
A company that is purely focused on its product & innovation, does not consider customer's desires or requirements and importance is kept on the product and nothing else.
What is the difference between an innovation and a disruptive innovation?
An innovation is a new idea, product, or process that improves upon existing methods. A disruptive innovation, on the other hand, is a new innovation that significantly changes the way things are done in an industry, often displacing established companies and products.
What are the four stages in product life cycle?
Innovation, Growth, Maturity, and Decline.
