1.Why is innovation so important for firms to compete in many industries?
Innovation enables the firms to
• Introduce new products and services on a regular bases which stiffens competition between the companies and better market segmentation and penetration.
• Existing products and services are improved frequently, which provides better utility to customers.
• The manufacturing process of the products and services become more efficient and can be delivered to the end users at a faster rate and at a better price.
2. What are some of the advantages of technological innovation? Disadvantages?
Advantages:
• The product lifecycle shortens with the help of technological advancement in CAD/CAM systems, which enables rapid designs.
• Improvement …show more content…
• Government institutions as innovators o Advantages - They have extensive range of knowledge skills and resources, they also invest in long tern / risky projects, they have greater influence over the stakeholders / contributors to innovation. o Disadvantage - They might lack the appropriate skills and resources to implements the products and services in the market place.
• Nonprofit organization as innovators o Advantages – Have multiple ties with other external companies, They have a mission based objectives that enables them to pursue long term or risky projects o Disadvantages – They sometimes rely on the external sources for funding their innovative projects, they might lack the appropriate skills and resources to implements the products and services in the market place. 2. What traits appear to make individuals most creative? Are these the same traits that lead to successful inventions?
Creativity is the ability to produce a work that is useful and novel. Creativity for individuals has the following functions.
• Intellectual ability
• Knowledge
• Style of thinking
• Personality
• Motivation
•
Innovation enables the firms to
• Introduce new products and services on a regular bases which stiffens competition between the companies and better market segmentation and penetration.
• Existing products and services are improved frequently, which provides better utility to customers.
• The manufacturing process of the products and services become more efficient and can be delivered to the end users at a faster rate and at a better price.
2. What are some of the advantages of technological innovation? Disadvantages?
Advantages:
• The product lifecycle shortens with the help of technological advancement in CAD/CAM systems, which enables rapid designs.
• Improvement …show more content…
• Government institutions as innovators o Advantages - They have extensive range of knowledge skills and resources, they also invest in long tern / risky projects, they have greater influence over the stakeholders / contributors to innovation. o Disadvantage - They might lack the appropriate skills and resources to implements the products and services in the market place.
• Nonprofit organization as innovators o Advantages – Have multiple ties with other external companies, They have a mission based objectives that enables them to pursue long term or risky projects o Disadvantages – They sometimes rely on the external sources for funding their innovative projects, they might lack the appropriate skills and resources to implements the products and services in the market place. 2. What traits appear to make individuals most creative? Are these the same traits that lead to successful inventions?
Creativity is the ability to produce a work that is useful and novel. Creativity for individuals has the following functions.
• Intellectual ability
• Knowledge
• Style of thinking
• Personality
• Motivation
•