And, of course, how does the company get the product into people’s hands

Q: How do you calculate sum of squares and sum of products?

A: The general formulas are: Sum of squares=∑(x-x bar)2 Sum of products=∑(x-xbar)(y-ybar)

Q: Why don't you need to have an organization (formal company) to innovate new products?

A: The objective of this question is to understand why it is not necessary to have a formal…

Q: what are two main disadvantages of the technolo

A: Following are the two disadvantages of technology: Sedentary habits: Technology typically empowers…

Q: How will the technology/ solution/ concept affect businesses and / or society? Why is it important…

A: Technology has disrupted and reinvented many business organizations. It has impacted the way goods…

Q: How can we determine the market value of a company?

A: Market price is value of a company perceived by market; it is a value that can be recovered from…

Q: What is your definition of technology?

A: Marketing technology: Utilizing cutting-edge marketing technology can provide you with extra…

Q: What challenges does a company face in developing new products or services?

A: There are many challenges which company face in developing new products or services. Some of these…

Q: Where does IDEO get inspiration for its product designs?

A: For becoming innovative, the vital factor of an organization is to focus on the behavior of the…

Q: Name two goods you think are inelastic and elastic. Why?

A: Price of goods and services are closely related and dependent on market forces.  These market forces…

Q: Do all firms have some form of competitive advantage?

A: All business firms always seek to be the industry leader in which it operates. A competitive…

Product and Service Innovation

Product innovation is the introduction of either a new product or an existing product with significant improvements related to its characteristics. Improvements could be in various specifications and areas such as technical, technological, physical use, software updates, overall size and texture, and so on. For instance, consider the Apple Watch; they release different series every year with significant updates and improvements such as using cellular technology, monitoring your heart rate, acting as your fitness partner, measuring blood oxygen level, and so on. We see the addition of features in every series, and these improvements make them a different product altogether.