Innovation Strategies and Types

Radical innovation is a process innovation focused on marketing techniques.

Radical innovation is based solely on existing knowledge.

Radical innovation introduces solutions that are completely new and different. (correct)

Radical innovation is focused on minor adjustments to existing practices.

It creates entirely new skills that existing employees must learn.

It relies on the existing knowledge and skills of an organization. (correct)

It renders the organization’s existing capabilities obsolete.

It solely focuses on new market strategies.

First movers face lower development costs and fewer financial risks.

First movers are less affected by competitors imitating their innovations.

First movers gain reputational advantages and control over important resources. (correct)

First movers are guaranteed long-term customer loyalty from their innovations.

<p>They face uncertainty regarding technology and market direction.</p> Signup and view all the answers

<p>Process innovation involves changing business operations rather than outputs.</p> Signup and view all the answers