INNOVATION AND CREATIVITY
INNOVATION IN ENTREPRENEURSHIP
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Management research confirms that organisations thatmeet the innovation challenge out perform theircompetitors in terms of market share, profitability, growthand market capitalisation (Tidd, Bessant, & Pavitt, 2005).
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innovative organisations are better able to mobilize the knowledge, skills and experiences of people and successfully create new products, services and ways of getting things done faster, better and cheaper.
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Although creativity is innovations’s precursor, both are key issues for organisational survival growth.
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All of the Above
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Detailed explanation-1: -Innovation plays a key role in introducing novelty to existing product lines or processes, leading to increased market share, revenue, and customer satisfaction. Sometimes innovation is used to upgrade the operating systems of the business or to introduce modern technologies for automation.
Detailed explanation-2: -Technological innovation is the most evident kind of innovation. The advance of technology brings about many opportunities. Thinking back a few centuries, the Industrial Revolution springs to mind as a good example, since it changed production methods in companies, work methods, and even workers’ lives.
Detailed explanation-3: -Innovation management helps in generating new business models and creates new products, services and technologies designed for the changing market. Proper innovation management also boosts customer satisfaction and employee engagement.
Detailed explanation-4: -Sustaining, or incremental innovation. Breakthrough innovation. Disruptive innovation. Basic research. 07-Nov-2022