1. What is the difference between innovation and invention?
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1. What is the difference between innovation and invention?
2. To what extent does each of these impact or influence the competitive advantage of an organisation?
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Solved in 2 steps
- How do we define technology and innovation, and how are they related?How are management of technology and management of innovation similar? How are they different?a) What are the benefits of organisations embracing innovation? b) What are some specific examples of innovations that the tourism and hospitality industries can adopt during the Covid-19 pandemic, and what are the advantages and disadvantages of these innovations currently?
- In order to develop new products and services, a company must understand its target market's needs and wants. If they do not identify the needs and wants, what can be the results of any innovation initiative?Why do leading firms fail to recognize and react to potentially disruptive innovations? How can a firm avoid the kind of blindness that leads to disruption?Use your own words to describe what is “disruptive innovation”. If you consider the industry structure (i.e., the 5 forces), is disruption innovation considered as the threat of new entrance, threat of substitutes, or Rivalry among existing competitors and why? Please list five (5) disruptive innovations in other industries (not automobile or related industries, as we will discuss the industry in detail later)
- How can Organizations be tools for innovation, depending on the organization’s values and purpose?What are the benefits of an innovation management system and how can a company install such a system?How may high-tech start-ups profit from open innovation partnerships by analyzing the business models of established enterprises in the "tech domain"?
- Based on Yahoo! Inc., what can the company/product/service do to survive? What kind of innovation could have been done to keep the company successful? What specific innovation can you think of that can help the company?Strategic management: Why do companies place such importance on innovation?What are the key trends and technologies shaping innovation management in the 21st century, and how can a firm effectively navigate these trends and technologies?