Advantages & Disadvantages of Innovation

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Advantages & Disadvantages of Innovation

Advantages

  • Businesses can initially charge higher prices for new products before competitors products come on the market
  • Being innovative good for a firm's reputation
  • If they have been first in the past - people naturally interested in future products
  • Innovations in processes add value to existing products / services
  • Businesses with lots of innovative products can take advantage of economies of scope

Disadvantages

  • Very costly and time consuming
  • Businesses can run out of money if they invest too much and don't get products to market quickly enough
  • End up wasting resources by developing something that doesn't sell
  • Businesses not able to produce new product on large scale at low enough cost - no guaranteed return on investment
  • Businesses risk ruining reputation if new product is poor quality

Evaluation

Comments

Hendicks39

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Innovation is a process of creating something that did not exist before. Sometimes it's about taking an existing idea and improving upon it, sometimes it's about developing new technology and sometimes it's about inventing something entirely new. You must read https://acmecanine.com/how-to-groom-your-dog-when-there-are-a-lot-of-essays-and-homework-on-my-head/ article to know how to groom your dogs. Innovation can lead to a better product or service, which will ultimately lead to better customer satisfaction.

jassica56

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innovation is creating something new ideas and technologies. it's about taking new ideas and improving the new inventing which leads to better products and services. On the other side, the European car is a luxury car and it is very comfortable on the road. This car is very nice but so luxurious If you want more information about it to get more pieces of information click on it https://affitrends.com/finding-the-best-european-car-repair-near-me/ and get it. 

timmylucker

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