INNOVATION AND CREATIVITY
TYPES OF INNOVATION
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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early majority
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laggards
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innovators
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None of the above
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Detailed explanation-1: -What Is a First Mover? A first mover is a service or product that gains a competitive advantage by being the first to market with a product or service. Being first typically enables a company to establish strong brand recognition and customer loyalty before competitors enter the arena.
Detailed explanation-2: -– First mover and trendsetter are synonyms. Firstmove favours the term first mover because the term trendsetter is frequently related to the areas of fashion and lifestyle. Another term that occurs is innovators.
Detailed explanation-3: -The first mover may invest heavily in persuading consumers to try a new product. Later entrants would benefit from these informed buyers and would not need to spend as much on educating consumers. Later entrants can avoid mistakes made by the first mover.
Detailed explanation-4: -Coca-Cola. While Coke wasn’t the first soda to hit the market, it was the biggest. Kellogg’s. In 1863, James Caleb Jackson created a graham flour dough breakfast cereal called granula. Apple. Amazon. Uber. Kindle. eBay. 17-Oct-2018