BUS3 189 Chapter Notes - Chapter 7: Social Entrepreneurship, Disruptive Innovation, Reverse Innovation
Document Summary
The most powerful factor to success in having a competitive advantage. By introducing a new product or process into the industry successfully. Now it"s usually done by new technological advances. The market in the industry is always changing. So firms have to keep on finding innovative ideas on how to change and get consumers interested. If firms fail to catch up with innovation, they"ll fall behind their competitors. Gotta keep thinking of new ideas before anyone else does. Having a new concept from the discovery of new knowledge. Transforming the idea into a new product/process. Can sometimes be a modified version of smth that already exists. Deals with the commercialization of the invention. Allows the firm to monopolize on profits temporarily. Gives the inventor exclusive rights to benefit from their idea. Valuable propriety info not available in public domain allows firm to maintain secrecy/remain confidential.
