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38-handout - Innovation in Markets A2 Micro Revision May...

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Innovation in Markets A2 Micro Revision – May 2011
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Innovation and Invention Innovation is “making changes to something established” ( Nissan Innovation Video ) Invention is the act of “coming upon or finding: discovery” Creative destruction: A process by which new business models, products and services replace outdated approaches - Dyson Films – You Tube Innovation drives economic growth - it has accounted for 63 per cent of annual labour productivity growth in the UK since 2000
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Product and process innovation Product innovation Small-scale, subtle changes to the characteristics and performance of a particular product Process innovation Changes to the way in which production takes place or organised Change in cost structures especially for products where marginal costs are low
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Product innovation A source of synergy demand Sustaining innovations Extending product life cycles Reinforcing brand loyalty Disruptive innovations
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38-handout - Innovation in Markets A2 Micro Revision May...

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