Principles of Management
OER 2019 Edition
ISBN: 9780998625768
Author: OpenStax
Publisher: OpenStax College
expand_more
expand_more
format_list_bulleted
Concept explainers
Textbook Question
Chapter 18, Problem 1CRQ
How do we define technology and innovation, and how are they related?
Expert Solution & Answer
Summary Introduction
To explain:
The relationship between the concepts of technology and innovation together with their definitions.
Introduction:
Out of the common words widely heard within the business context, technology and innovation could be considered as the factors fueling organization to steer ahead. Managing technology and innovation prudently shall lead organizations to success.
Explanation of Solution
Technologies used in organizations could be defined as the mechanism through which a set of contributions or inputs are converted into an anticipated outcome. It further facilitates the functions of evaluating and control.
Innovation involves in bringing in novelty to the organization or an industry, in relation to the products or methods followed. Inventing, development of novel products and process enhancements are some examples for innovations.
Innovations and technology are seen as going hand in hand within an organizational context. The inclusion of novelty in products and workflows is innovation and the explanation as to how it is done is technology. For example, a new organizational structure is an innovation in the technology of how organizational resources and responsibilities shall be allocated among various employees at different levels of the hierarchy.
Want to see more full solutions like this?
Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!
Students have asked these similar questions
What are the strategic initiatives of the Leadership Recommendation Project using how responsibilities will be delegated?
Identify the components amd processes (stages) of team development with an explanation on each stage?
Explain motivations, values, and skills relative to collaborative work for leadership in maangement?
Chapter 18 Solutions
Principles of Management
Ch. 18.1 - How do companies benefit from participating in an...Ch. 18.1 - What impact does electronic trading have on the...Ch. 18.1 - How are management of technology and management of...Ch. 18.1 - How can firms create value through good management...Ch. 18.1 - How has Acer managed its technology and innovation...Ch. 18.2 - How do managers develop technology and innovation?Ch. 18.2 - What are the advantages and disadvantages of each...Ch. 18.3 - Look at the Acer case at the beginning of the...Ch. 18.3 - Look at the Acer case at the beginning of the...Ch. 18.4 - How is Guidance Software responding to and helping...
Ch. 18.4 - What other types of forensics software do you...Ch. 18.4 - What are the benefits and risks of Guidance...Ch. 18.4 - Look at the Acer case at the beginning of the...Ch. 18.4 - What goals did they accomplish?Ch. 18.5 - In the beginning, Acer was very entrepreneurial....Ch. 18.6 - What is organizational learning?Ch. 18.6 - What are the differences between leadership and...Ch. 18.6 - What forecasting techniques are used in the...Ch. 18.7 - How do you keep up with a constantly evolving...Ch. 18 - How do we define technology and innovation, and...Ch. 18 - What are the four areas that need to be managed by...Ch. 18 - What are the five Cs of managing innovation, and...Ch. 18 - How does an organization enhance its agility? When...Ch. 18 - Compare and contrast the advantages and...Ch. 18 - What circumstances indicate a firm should consider...Ch. 18 - How does a firm determine the type of external...Ch. 18 - What are the benefits of using internal sources...Ch. 18 - How does an entrepreneurial firm identify and...Ch. 18 - How does knowledge management impact the...Ch. 18 - Followship is critical to MTl—how does the...Ch. 18 - How does the management of technology and...Ch. 18 - What factors contributed to Novartiss invoice...Ch. 18 - How did IT help the company solve that problem?Ch. 18 - What other uses and functions does Input Accel...
Additional Business Textbook Solutions
Find more solutions based on key concepts
What is a beta? How is it used to calculate r, the investor’s required rate of return?
Foundations Of Finance
Quick ratio and current ratio (Learning Objective 7) 1520 min. Consider the following data: COMPANY A B C D Cas...
Financial Accounting, Student Value Edition (5th Edition)
(Record inventory transactions in the periodic system) Wexton Technologies began the year with inventory of 560...
Financial Accounting (12th Edition) (What's New in Accounting)
1. Based on the descriptions and analyses in this chapter, would Boeing be better described as a global firm or...
Operations Management
E6-14 Using accounting vocabulary
Learning Objective 1, 2
Match the accounting terms with the corresponding d...
Horngren's Accounting (12th Edition)
The approach by which the put options and call options are used to create portfolio insurance. Introduction: Op...
Corporate Finance (4th Edition) (Pearson Series in Finance) - Standalone book
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, management and related others by exploring similar questions and additional content below.Similar questions
- St. Lucia, a small island developing country, the service sector has been dominated by four companies: LightingPros Ltd., Island Solutions Inc., Real Services Co., and Entertainment Enterprises. Each company offers similar services, including event planning, catering, transportation, equipment rental, and audio-visual production. At present clients engage different companies for specific services, creating a balanced distribution of business across the market. However, recent shifts in client preferences have disrupted this equilibrium. Clients now prefer the convenience and efficiency of working with a single provider that can offer a comprehensive package of services. This has led to a significant decline in business for some companies that are unable to offer the full suite of services on their own. Some of the challenges faced by the companies include limited-service offerings, client convenience where clients prefer working with a single vendor to simplify communication, reduce…arrow_forwardExamples of audience demographic factors that are relevant to business speakers include ______. all choices are correct age, gender, education height, weight, activity explain the correct answerarrow_forwardwhy would buffer time, clear milestones, and proactive stakeholder communication to mitigate these risks be a part of project scheduling?arrow_forward
- St. Lucia, a small island developing country, the service sector has been dominated by four companies: LightingPros Ltd., Island Solutions Inc., Real Services Co., and Entertainment Enterprises. Each company offers similar services, including event planning, catering, transportation, equipment rental, and audio-visual production. At present clients engage different companies for specific services, creating a balanced distribution of business across the market. However, recent shifts in client preferences have disrupted this equilibrium. Clients now prefer the convenience and efficiency of working with a single provider that can offer a comprehensive package of services. This has led to a significant decline in business for some companies that are unable to offer the full suite of services on their own. Some of the challenges faced by the companies include limited-service offerings, client convenience where clients prefer working with a single vendor to simplify communication, reduce…arrow_forwardSt. Lucia, a small island developing country, the service sector has been dominated by four companies: LightingPros Ltd., Island Solutions Inc., Real Services Co., and Entertainment Enterprises. Each company offers similar services, including event planning, catering, transportation, equipment rental, and audio-visual production. At present clients engage different companies for specific services, creating a balanced distribution of business across the market. However, recent shifts in client preferences have disrupted this equilibrium. Clients now prefer the convenience and efficiency of working with a single provider that can offer a comprehensive package of services. This has led to a significant decline in business for some companies that are unable to offer the full suite of services on their own. Some of the challenges faced by the companies include limited-service offerings, client convenience where clients prefer working with a single vendor to simplify communication, reduce…arrow_forwardSt. Lucia, a small island developing country, the service sector has been dominated by four companies: LightingPros Ltd., Island Solutions Inc., Real Services Co., and Entertainment Enterprises. Each company offers similar services, including event planning, catering, transportation, equipment rental, and audio-visual production. At present clients engage different companies for specific services, creating a balanced distribution of business across the market. However, recent shifts in client preferences have disrupted this equilibrium. Clients now prefer the convenience and efficiency of working with a single provider that can offer a comprehensive package of services. This has led to a significant decline in business for some companies that are unable to offer the full suite of services on their own. Some of the challenges faced by the companies include limited-service offerings, client convenience where clients prefer working with a single vendor to simplify communication, reduce…arrow_forward
- St. Lucia, a small island developing country, the service sector has been dominated by four companies: LightingPros Ltd., Island Solutions Inc., Real Services Co., and Entertainment Enterprises. Each company offers similar services, including event planning, catering, transportation, equipment rental, and audio-visual production. At present clients engage different companies for specific services, creating a balanced distribution of business across the market. However, recent shifts in client preferences have disrupted this equilibrium. Clients now prefer the convenience and efficiency of working with a single provider that can offer a comprehensive package of services. This has led to a significant decline in business for some companies that are unable to offer the full suite of services on their own. Some of the challenges faced by the companies include limited-service offerings, client convenience where clients prefer working with a single vendor to simplify communication, reduce…arrow_forwardDISCUSS EXTENSIVELY SOURCE OF BUSINESS FINANCES, not less than four pages, font size 12,spacing 1.5 roman times ,references less than fivearrow_forwardPlease help with a capstone research project for this topic: Technology Investment in Teaching and Learning. The stracture of report should be like below:arrow_forward
- mutual friends. She enjoys listening to the opinions of others and seems to get along with most everyone, generally avoiding conflict rather than submitting to others. Dawn credits her ability to communicate well orally (she loves to talk and socialize), get along well with others, and build a consensus, in part, for her landing a position in sales at RelationshipsFirst. Prior to her meeting with Stewart Strong, Dawn asked Taylor if she could meet her for lunch to find out a little more about Stewart and Green Meadows. When Dawn finally arrived for lunch, late as usual, she wasn’t able to learn as much about Green Meadows as she would have liked, but she did learn the following about Stewart. Taylor indicated that Stewart was a good neighbor, but he certainly wasn’t a friendly, outgoing relationship builder such as Dawn. In fact, he tended to be rather cool, tough, and competitive when it came to relationships. He liked to be in charge of people and situations and was not willing to…arrow_forwardThe author in “Life Isn’t Fair” writes in a direct tone and the reader feels that they should listen to him because of the way he sounds while getting his point across when making the article. The evidence that is shown: “Fair isn’t a standard to be imposed unless a leader is attempting to impose mediocrity”, sounds super straightforward. does this sound good?arrow_forwardDiscuss the possible change CRM will have in the next 3 years. Also, discuss 3 possible steps a company can take to avoid risks with CRM implementation.arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Foundations of Business (MindTap Course List)MarketingISBN:9781337386920Author:William M. Pride, Robert J. Hughes, Jack R. KapoorPublisher:Cengage Learning
Foundations of Business - Standalone book (MindTa...MarketingISBN:9781285193946Author:William M. Pride, Robert J. Hughes, Jack R. KapoorPublisher:Cengage Learning- MarketingMarketingISBN:9780357033791Author:Pride, William MPublisher:South Western Educational Publishing
Understanding Management (MindTap Course List)ManagementISBN:9781305502215Author:Richard L. Daft, Dorothy MarcicPublisher:Cengage Learning
Foundations of Business (MindTap Course List)
Marketing
ISBN:9781337386920
Author:William M. Pride, Robert J. Hughes, Jack R. Kapoor
Publisher:Cengage Learning
Foundations of Business - Standalone book (MindTa...
Marketing
ISBN:9781285193946
Author:William M. Pride, Robert J. Hughes, Jack R. Kapoor
Publisher:Cengage Learning
Marketing
Marketing
ISBN:9780357033791
Author:Pride, William M
Publisher:South Western Educational Publishing
Understanding Management (MindTap Course List)
Management
ISBN:9781305502215
Author:Richard L. Daft, Dorothy Marcic
Publisher:Cengage Learning