Assessing Innovation

What is innovation in the context of business?

Development of a new idea which leads to the production of a new product or service which can be sold.

What is an example of product innovation?

The development of new camera technology which improves the iPhone.

Define process innovation.

Involves improving the process of manufacturing or offering a product or service for sale to add value, decrease costs or improve efficiency.

What is a key advantage of innovation for businesses?

Allows businesses to improve the products in its portfolio which can increase market share, sales revenue, and profit.

What does Kaizen refer to in the context of innovation?

An approach to innovation that involves continuous improvements being made to a process.

What is intrapreneurship?

Individuals who have the characteristics of entrepreneurs but work within and contribute their ideas to their employer.

How does benchmarking help businesses?

Allows a business to adopt industry best-practice by identifying an area of expertise within the industry.

What role does research and development play in innovation?

Researching new approaches and products to satisfy customer needs and responding to changes in demand.

What is an example of a successful product driven by research and development?

Dyson’s Eye Bot robot was an innovative product driven by research and development.

What pressures may lead a business to innovate?

Social changes and competition can increase the demand for innovative and advanced products.