Explain the three types of innovation, and give examples of each.
What will be an ideal response?
Answer: Student answers and examples will vary but should demonstrate accurate knowledge of the three fundamental types of innovation: product innovation, process innovation, and business model innovation. Product innovation is a change in the outputs (goods or services) the organization produces. Process innovation is a change in the way outputs (goods or services) are produced. Business model innovation refers to a change in the way the organization creates and delivers value. The change may affect any component of a company's business model: its customer value proposition (the basic problem it solves, such as ecofriendly fuel for about the same cost as fossil fuels), its profit formula (the financial road map for its success), its key resources (people, technology, facilities, brand), and its key processes.
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Indicate whether the statement is true or false
A company that sells only one product line to one industry with customers in many locations would typically use a ________
A) product sales-force structure B) territorial sales-force structure C) market sales-force structure D) customer sales-force structure E) complex sales-force structure
Chronologically, the first part of the master budget to be prepared would be the
a. sales budget. b. production budget. c. cash budget. d. pro forma financial statements.
How does having a global mindset play a role in the success of an entrepreneur?
What will be an ideal response?