Innovation

• What is product innovation in business?

  Launching new or improved products
• Product innovation includes both goods and services
• What is process innovation focused on?

  More efficient business processes
• Being the first mover guarantees product innovation success

  False
• What is a key advantage of being a first mover in product innovation?

  Customer loyalty
• Customers are often prepared to pay a higher price for perceived value
• What does a business with a reputation for product innovation likely achieve?

  Greater market share
• Process innovation always reduces unit costs

  False
• What is flexibility in operations a key part of in process innovation?

  Responding to customer needs
• An example of process innovation is a fashion retailer responding to seasonal trends
• What is one potential benefit of both product and process innovation for a business?

  Build a brand reputation
• Process innovation can lead to improved productivity
• Businesses that prioritize innovation in their organizational culture are often highly successful
• What are the two main types of innovation discussed in the study material?

  Product and process innovation
• What is product innovation in business?

  Launching new or improved products
• Product innovation includes both goods and services
• What is process innovation focused on?

  More efficient business processes
• Being the first mover guarantees product innovation success

  False
• What is a key advantage of being a first mover in product innovation?

  Customer loyalty
• Customers are often prepared to pay a higher price for perceived value
• What does a business with a reputation for product innovation likely achieve?

  Greater market share
• Process innovation always reduces unit costs

  False
• What is flexibility in operations a key part of in process innovation?

  Responding to customer needs
• An example of process innovation is a fashion retailer responding to seasonal trends
• What is one potential benefit of both product and process innovation for a business?

  Build a brand reputation
• Process innovation can lead to improved productivity
• Businesses that prioritize innovation in their organizational culture are often highly successful
• What are the two main types of innovation discussed in the study material?

  Product and process innovation