BUS2001_Session_02_slides_v3_LMS

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Marketing

10 Terms

1

Innovation

The creation of something that improves the way we live our lives, which can include new products or services, better ways to interact, or simply solving problems.

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2

Disruption

The act of changing or displacing established routines and structures, often resulting in innovation.

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3

Unique Value Proposition

A statement that describes the unique benefit or advantage a product or service offers to its customers.

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4

Incremental Innovation

Improvements made to existing products or services without fundamentally changing their value proposition.

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5

Disruptive Innovation

Innovations that significantly alter the market landscape or value proposition, often rendering existing products or services obsolete.

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6

Reverse Innovation

Development of innovative products in developing countries before spreading them to developed nations.

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7

Creativity

The ability to generate new and valuable ideas in any activity.

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8

Barriers to Innovation

Factors that inhibit creative thinking and innovation within an organization, such as lack of communication or risk aversion.

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9

Organizational Innovation

Improvements made not only to products or services but also to the structure and processes of an organization to foster a more innovative environment.

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10

Business Model Innovation

Innovation that involves redefining how a company creates and delivers value to its customers.

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