Flashcards
9.2
Cards in this deck (7)
- 1What are the types of innovation?Product innovation - developing an idea into a brand new product, or changing an existing product
Process innovation - developing an idea into a new production process, or changing an existing process - 2What are the pressures for innovation?- External environment changes
- Internal pressures - 3What is the value of innovation?- Guarantees future income
- Makes business more competitive and maintains profitability
TODAY'S INNOVATIONS ARE TOMORROW'S CASH COWS AND RISING STARS! - 4What are the risks of innovation?- Uses up time, money, resources
- Opportunity cost
- Risky and not always successful - 5What are the ways of becoming an innovative organisation?1. Kaizen - small continuous improvements
2. R&D - to differentiate product
3. Intrapreneurship - encourages and rewards initiative (e.g. GOOGLE)
4. Benchmarking - learning from the best in the industry - 6How can you protect innovation?GETTING LEGAL PROTECTION:
- Copyrights
- Patents
- Trademarks
(e.g. Trunki and Kiddee) - 7What is a real life business that has shown innovation?DYSON:
DYSON'S ROBOT VACUUM CLEANER
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- Flashcards on 9.2, created by Kayleigh Yip on 12/06/2017.
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- Kayleigh Yip
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