Benefits Of Globalization: Technological Innovation Flashcards
The process were an organization (or a group of people working outside a structured organization) embarks on a journey where the importance of technology as a source of innovation has been identified as a critical success factor for increased market competitiveness.
Comprise new product and process and significant technological change of products and processes.
Technological innovation
Applying scientific knowledge for practical purposes or the branch of knowledge concerned with applied sciences
Technology
It’s evolutionary and is a response to an unsolved problem and unexploited opportunity.
The act of introducing something new.
Innovation
Involves the use of imagination or original ideas to create something
Creativity
The creation of a new product or service or process.
We have economic or non-economic motives.
Invention
These are small but important improvements in a product, process or service. Such innovations are associated with enhanced customer satisfaction
Incremental innovation
This innovation take existing technologies and link new technologies in novel ways; they are built not on new technological breakthroughs but on the integrating competencies.
Product structure change with no important effect on component subsystems.
Architectural innovation
These innovations are revolutionary. Railroads, electricity, computers, The internet can be turned as breakthrough innovations.
These innovation are also known as breakthrough innovations and discontinues innovations.
Radical innovation
It is the power to do everything in a state without accountability
National sovereignty
Dependence of countries on each other
Interdependence
Equal distribution in terms of aids/assistance, wealth, and power
Equity distribution
