INNOVATION AND CREATIVITY
TYPES OF INNOVATION
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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How organizations turn service value into profit
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The value is created by working with others.
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how to organize assets
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process, production, service and product
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Detailed explanation-1: -A profit model refers to a company’s plan that aims to make the business profitable and viable. It lays out what the company plans to manufacture or provide, how sales will be generated, and all the expenses that the business will incur in a bid to make the model viable.
Detailed explanation-2: -The term business model refers to a company’s plan for making a profit. It identifies the products or services the business plans to sell, its identified target market, and any anticipated expenses. Business models are important for both new and established businesses.
Detailed explanation-3: -Common examples of profit model innovations include premium prices, where companies figure out how to charge more for their offering than competitors do, or auctions, where the market sets the price for goods. The ideal profit model will vary widely by context and industry.
Detailed explanation-4: -Finding profit is simple using this formula: Total Revenue-Total Expenses = Profit.