Chapter 13: Operational Strategies: Innovation

HideShow resource information
View mindmap
  • 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

Comments

No comments have yet been made

Similar Business Studies resources:

See all Business Studies resources »See all Operations management resources »