Q.8 Which of the following is not one of the ways in which an entrepreneur 3
causes distinct changes in the market through the introduction of
innovations:
O The introduction of new products or services
O The opening of a new market
O The reverse-engineering of an existing product line
O The carrying out of the new organization of any industry
Answers
Answer:
It is important to be clear about the difference between invention and innovation. Invention is a new idea. Innovation is the commercial application and successful exploitation of the idea.
Fundamentally, innovation means introducing something new into your business. This could be:
improving or replacing business processes to increase efficiency and productivity, or to enable the business to extend the range or quality of existing products and/or services
developing entirely new and improved products and services - often to meet rapidly changing customer or consumer demands or needs
adding value to existing products, services or markets to differentiate the business from its competitors and increase the perceived value to the customers and markets
Innovation can mean a single major breakthrough – e.g. a totally new product or service. However, it can also be a series of small, incremental changes.
Whatever form it takes, innovation is a creative process. The ideas may come from:
inside the business, e.g. from employees, managers or in-house research and development work
outside the business, e.g. suppliers, customers, media reports, market research published by another organisation, or universities and other sources of new technologies
Success comes from filtering those ideas, identifying those that the business will focus on and applying resources to exploit them.
Introducing innovation can help you to:
improve productivity
reduce costs
be more competitive
build the value of your brand
establish new partnerships and relationships
increase turnover and improve profitability
Businesses that fail to innovate run the risk of:
losing market share to competitors
falling productivity and efficiency
losing key staff
experiencing steadily reducing margins and profit
going out of business
Explanation:
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Answer:
The reverse engineering of an existing products line
Explanation:
Where an entrepreneur will have a innovative and creative develop in their own way
In this given data, while reverse process of existing products will not reach a entrepreneurship