Podcast
Questions and Answers
Which type of innovation focuses on how a company generates revenue?
Which type of innovation focuses on how a company generates revenue?
- Channel
- Product Performance
- Customer Experience
- Business Model (correct)
Core process innovation involves how you support the company's care processes and workers.
Core process innovation involves how you support the company's care processes and workers.
False (B)
What type of innovation describes forming partnerships with other companies for collective advantages?
What type of innovation describes forming partnerships with other companies for collective advantages?
Network and Alliance
The 'How' of communicating your offerings to the market refers to ________ innovation.
The 'How' of communicating your offerings to the market refers to ________ innovation.
Match the following innovation types with their primary focus:
Match the following innovation types with their primary focus:
Flashcards
Business Model
Business Model
How the business generates revenue.
Network and Alliance
Network and Alliance
Collaboration with other companies for shared advantages.
Core Process
Core Process
How you create and add value to your offerings
Product Performance
Product Performance
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Customer Experience
Customer Experience
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Study Notes
- There are 10 types of innovation, grouped into Finance, Product Offerings, and Delivery.
Finance
- Business Model: Centers on how the business generates revenue.
- Network and Alliance: Focuses on strategic partnerships with other companies for shared advantages.
Process
- Enabling Process: Focuses on supporting the company's processes and workers.
- Core Process: Focuses on how a company creates and enhances the value of its offerings.
Product Offerings
- Product Performance: Deals with the design of the company's core products or services.
- Product System: Involves linking various products to create a platform.
- Service: Focuses on adding value for customers beyond the core product.
Delivery
- Channel: Focuses on how offerings are distributed to the market, setting aside legal considerations.
- Brand: Focuses on how the company communicates its offerings.
- Customer Experience: Centers on the customer's feelings and interactions with the company.
ROI
- Service, customer experience, and product performance, provide the best ROI.
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Description
Explore the 10 types of innovation, grouped into Finance, Product Offerings, Process and Delivery. Understand how each type impacts business strategy and growth. Learn to identify and implement these innovations for competitive advantage.
