Innovation


	Innovation
	Advantages gain significant copmpetitive advantages by bringing out a brand new product an innovative product allows a business to charge high prices businesses gain a reputation for producing high quality products patents can be used to protect business ideas for a period of up to 20 years	Disadvantages research is very expensive which is only affordable for large firms takes a considerable amount of time which means investors have to wait a long time for any return other companies may adopt similar products without having to undertake the expensive research to succeed in a competitive market, firms must produce continuously innovative ideas which require continuous investment
	Evaluation The scientifice investigation leading to new ideas for products and the development of those ideas into saleable products

research is very expensive which is only affordable for large firms
takes a considerable amount of time which means investors have to wait a long time for any return
other companies may adopt similar products without having to undertake the expensive research
to succeed in a competitive market, firms must produce continuously innovative ideas which require continuous investment

The scientifice investigation leading to new ideas for products and the development of those ideas into saleable products

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