pressures for innovaiton Flashcards
whats is innovation
when a new idea is brought into fruition and turned into a g/s that can be used and sold
why do busiensses need to get better at what they do
2 reasons
BECUASE MKTS BEOCME MORE OPEN DUE TO GREATER GLOBALSIATION - SO MORE COMP
ACCESSING MKTS HAS BBECOME EASIER DUE TO BETTER TRANSPORT AND COMM SO MORE COMP
if a business wans to remain competitivie they have to be
INNOVAITVE AND DEVELOP WHAT THEY OFFER AND HOW THEYLL PRODUCE AND PROVIDE IT
business cant afford to stand still becuase
AS IF THEY DONT INNVOATE COMPETITORS WILL
innovation changes
industries and what tehy can do
innovatino changes indsutries and what they can do high rates of within the industeis as a result of innoation change may mean
theres dangers of not innovating
you will be left behinf
pressures for inovatino are obth
internal and external
extrernal preesure for innovation relate to
PESTC
Explain political change for innovaion
may oen up new geographical amkts through trade deals meaning we require a new approach or changes ot teh product
explain economic change for innovation presure
may create pressure s for lower cost solutions to a problem
explain how social chang e may put pressure for innovatino
may put pressure on bs for new enviro friendly approaches
explain how tech developments may put pressure on innovatino
create new wats of doing business e.g pressure to have an online bs
explain competitive pressure for innovation
pressure from rivals may encourage bs to respond by being innovative or they risk loosing mkt share
explain inernal pressures for innovation
employees may be eager to eperietn and try out new ideas
pressures for innovatino have always been
present
