Identify Two Examples Of Innovation Described In The Chart
Innovation is one of the most important factors for any business to stay ahead of the competition. It can be defined as the process of creating new ideas, products, or services that can provide value to customers. In this article, we will explore two examples of innovation described in the chart.
1. Product Innovation
Product innovation is the process of developing new products or improving existing ones. It involves researching and understanding customer needs, and then creating products that meet those needs. One example of product innovation described in the chart is the iPhone. When it was first released, it revolutionized the mobile phone industry with its touch screen interface, internet connectivity, and app store. The iPhone continues to evolve with each new release, incorporating new features and technologies that keep it ahead of the competition.
2. Process Innovation
Process innovation involves improving the way that products or services are produced or delivered. It can include changes to the supply chain, manufacturing processes, or customer service. One example of process innovation described in the chart is Amazon's use of robots in their warehouses. By automating the process of picking and packing orders, Amazon is able to process orders faster and more efficiently, reducing the time it takes to get products to customers.
In conclusion, innovation is essential for businesses to stay competitive and meet the changing needs of customers. Product and process innovation are just two examples of the many ways that businesses can innovate. By continuously innovating and improving, businesses can stay ahead of the competition and provide value to their customers.
