Adapting Existing ideas

• What is one way an entrepreneur can innovate?

  By adapting existing products or services
• What does adaptation mean in a business context?

  Changing a product to suit different customers
• Why might adaptation be considered less risky than launching a new product?

  It builds on existing successful products
• What are the types of adaptation in business?

  • Changing brand name, packaging, or logo
  • Changing the format of a product
  • Altering color or style based on trends
  • Adapting promotion and advertising strategies
  • Incorporating new innovations
• How do smartphone manufacturers adapt their products over time?

  By improving design and performance annually
• What strategies can be adapted for promoting goods and services?

  Using special offers and social media
• Why are adaptations made in response to customer trends?

  To satisfy new or previously unknown demands
• What is the impact of subtle changes in branding on sales?

  It can boost sales in new markets