ENTREPRENEURSHIP

INNOVATION AND CREATIVITY

INNOVATION IN ENTREPRENEURSHIP

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Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]

When a large group of young people moves into a neighborhood, neighborhood businesses may try to develop new products to suit their needs. Which source of innovation does this illustrate?

A	Experience
B	Demographics
C	Accidents
D	Looking toward the past

Explanation:

Detailed explanation-1: -Research indicates that younger audiences do not take the time to seek product information before they make a purchase. An effective search engine optimization (SEO) strategy must recognize the three basic types of search engine results, natural or organic listings, paid or sponsored listings, and paid inclusion.

Detailed explanation-2: -Firms need to continue to innovate because customer needs . What will happen to a firm if it continues to produce the same products in a saturated market? Its revenues will grow slowly.

Detailed explanation-3: -Disruptive innovations are new technologies, products or services that eventually surpass the existing dominant technology or product in a market.

Detailed explanation-4: -The Unexpected. This is indeed the Eureka moment where something unexpected happens that leads to a new product or service. Incongruities. Process Needs. Industry and Market Structure. Demographics. Changes in Perception. New Knowledge. 04-Mar-2015

There is 1 question to complete.