Asked by Grace Thomas on May 16, 2024
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Explain the difference between product innovations, process innovations, and managerial innovations, and give an example of each.
Product Innovations
The introduction of a good or service that is new or significantly improved with respect to its characteristics or intended uses.
Process Innovations
Refers to the implementation of a new or significantly improved production or delivery method, contributing to increased efficiency and effectiveness.
Managerial Innovations
The implementation of new administrative processes, strategies, or products designed to improve the efficiency and productivity of management.
- Differentiate between types of innovation: product, process, and managerial.
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Learning Objectives
- Differentiate between types of innovation: product, process, and managerial.
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