BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Answer: Creative Destruction is the process referred to in by economist Joseph Schumpeter to the process of entrepreneurs developing new products that over time make current products obsolete.

Detailed explanation-2: -International Management. Joseph Schumpeter argued that entrepreneurs develop new products and technologies that over time make current products and technologies obsolete, and this process, which he called creative destruction, is good because it stimulates economic activity.

Detailed explanation-3: -Although the product development process differs by industry, it can essentially be broken down into seven stages: ideation, research, planning, prototyping, sourcing, costing, and commercialization. Use the following development framework to bring your own product idea to market.

Detailed explanation-4: -The internet is one of the best examples of creative destruction, the term that Schumpeter coined to describe the dismantling of long-standing practices in order to make way for new technologies, new kinds of products, new methods of production, and new means of distribution.

Detailed explanation-5: -It is useful to break the entrepreneurial process into five phases: idea generation, opportunity evaluation, planning, company formation/launch and growth.