5.2 Innovation
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6 Terms
Innovaiton
the business of putting an invention in the market and making it a sucess
what are the 4 reasons why few inventions become innovations
marketability/need - there may not be market for the idea, market may be too small
marketability - product may not be marketed properly, too little money invested into marketing, wrong target market, need professional
price - price too high, not good value for money
risk - risk too great for potential rewards, lack of finance for long term projects
what are the three categories of innovation
sustaining innovation, disruptive innovation, process innovation
sustaining innovation
a new or improved product that meets the needs of consumers and sustains manufactures/manufacturingby enhancing existing products or services.
disruptive innovation
a product or type of technology that challenges existing companies to ignore or embrace technical change
process innovation
an improvement in the organisation or method of manufacture that often leads to reduced costs or benefits to consumers.