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Types of Innovation

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Questions and Answers

What is an example of incremental innovation?

Introducing a razor with five blades instead of four (correct)

Creating a new type of smartphone

Constructing a fully automated factory

Developing a new operating system from scratch

Which of the following best describes radical innovation?

Improving an existing product's efficiency

Enhancing customer service through technology

Modifying a current business process for better performance

Using completely new knowledge to create a unique product (correct)

What is the typical outcome of process innovations?

Having no impact on existing business models

Eliminating unnecessary activities for efficiency (correct)

Creating entirely new markets

Adding more layers to traditional supply chains

How does disintermediation relate to process innovations?

<p>It is the process of eliminating intermediaries to streamline service delivery. (D)</p> Signup and view all the answers

What is one characteristic of incremental innovation?

<p>It builds on existing knowledge with minor adjustments. (D)</p> Signup and view all the answers

Flashcards

Incremental Innovation

Small improvements to existing products or services using current knowledge.

Radical Innovation

Big changes using new knowledge, tech, or methods to create something new.

Process Innovation

Improving business models and eliminating extra steps to be more efficient.

Disintermediation

Removing intermediaries in business processes, for example, a product sold directly to consumer.

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Value Chain Activities

Series of activities from creating product to delivering it to customer.

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Study Notes

Types of Innovation

Incremental innovation: Small improvements to existing products or services, utilizing current knowledge. Example: A razor with five blades instead of four.
Radical innovation: Significant changes using new knowledge, technologies, or methods to create something unique. Focuses on reconfiguring value chain activities, making processes more efficient.
Process innovations: Creates efficient new business models, eliminating redundant activities. Can lead to disintermediation, allowing for more efficient creation, delivery, sale, or service of a product.

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Description

Explore the various types of innovation including incremental, radical, and process innovations. Understand how these innovations can improve existing products and create new efficiencies in business models. This quiz will help you grasp the concepts and applications of each innovation type.