the market 3 Flashcards
1
Q
define product innovation
A
- launching new or improved products onto the market
2
Q
benefits of product innovation
A
- higher prices
- added value
- enhanced reputation
- public relations e.g. new coverage
- increased market share
3
Q
define process innovation
A
finding a better or more efficient way of producing existing products/services
4
Q
benefits of process innovation
A
- reduced costs
- better capacity utilisation
- more responsive customer service
