Chapter 13: Operational Strategies: Innovation
- Created by: humbuggirl
- Created on: 28-01-15 22:17
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- Operational Strategies: Innovation
- How to improve chances of successful innovation
- protection
- early planning
- maintaining secracy
- remember the consumer
- developing a supportive culture
- Benefits and purposes of innovation & R&D
- improve quality
- enter new markets
- reduce costs
- meet regulations
- reduce environmental impat
- increase added value
- increase product range
- increase capacity
- improve flexibility
- Problems of innovation & R&D
- uncertainty
- operational difficulties
- generic products
- competition
- Factors affecting innovation & R&D
- economic risks
- costs of inance
- uncertain demand
- innovation costs
- government regulation
- availability of finance
- market doinated by established businesses
- Innovation
- the successful exploitation of new ideas, which enables a business to compete effectively in an increasingly competitive global environment
- a business is defined as innovative if it is engaged in:
- introduction of a new or significantly improved product
- introduction of new processes for making and supplying a product
- expenditure in R&D is linked to innovation
- training in gaining knowledge that is linked to innovation
- introduction of new machinery and equipment for purpose of innovation activiteis
- How to improve chances of successful innovation
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