Podcast
Questions and Answers
What is an example of incremental innovation?
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?
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?
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?
How does disintermediation relate to process innovations?
What is one characteristic of incremental innovation?
What is one characteristic of incremental innovation?
Flashcards
Incremental Innovation
Incremental Innovation
Small improvements to existing products or services using current knowledge.
Radical Innovation
Radical Innovation
Big changes using new knowledge, tech, or methods to create something new.
Process Innovation
Process Innovation
Improving business models and eliminating extra steps to be more efficient.
Disintermediation
Disintermediation
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Value Chain Activities
Value Chain Activities
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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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