define technological innovation Related: Chapter Notes - Secondary Activities, Class 12, Geography

Question

define technological innovation Related:  Chapter Notes - Secondary Activities, Class 12, Geography

Answer

Technological Innovation

Technological innovation refers to the introduction of a new product or process that improves efficiency, productivity, and quality of output in a particular industry. It can also refer to the modification of an existing product or process that enhances its performance or functionality.

Types of Technological Innovations

Product Innovation - introduction of new or improved products

Process Innovation - introduction of new or improved processes

Marketing Innovation - introduction of new or improved marketing strategies

Organizational Innovation - introduction of new or improved organizational structures and management practices

Importance of Technological Innovation

Technological innovation is crucial for the growth and development of an economy. It has several benefits, including:

Increased productivity and efficiency

Improved quality of products and services

Reduced costs of production and operation

Creation of new job opportunities

Increased competitiveness and market share

Improved standard of living for the population

Examples of Technological Innovation

There are several examples of technological innovation that have transformed various industries, including:

The internet and World Wide Web

Smartphones and mobile devices

Social media platforms

Artificial intelligence and machine learning

Blockchain technology

Electric and autonomous vehicles

Renewable energy technologies

Challenges of Technological Innovation

Despite its benefits, technological innovation also presents several challenges, including:

High costs of research and development

Uncertainty and risk associated with new technologies

Resistance to change from employees and consumers

Ethical and social issues related to the use of new technologies

Intellectual property rights and patent disputes

Unequal distribution of benefits and costs

Answer

Technological innovation is the process where an organization (or a group of people working outside a structured organization) embarks in a journey where the importance of technology as a source of innovation has been identified as a critical success factor for increased market competitiveness.The wording 'technological innovation' is preferred to 'technology innovation'. 'Technology innovation' gives a sense of working on technology for the sake of technology. 'Technological innovation' better reflects the business consideration of improving business value by working on technological aspects of the product or services.

Similar Humanities/Arts Doubts

need short note on sub topics of classification of iIndustry , based on size, based on inputs, output Related: Chapter Notes - Secondary Activities, Class 12, Geography

what is meant by technopolies Related: Chapter Notes - Secondary Activities, Class 12, Geography

how does technological loosen thw shackers of environment on human beings ? explain with examples Related: Chapter Notes - Human Geography Nature And Scope, Class 12, Geography?

Future of shifting cultivation is bleak discuss Related: Chapter 5 - Primary Activities (Overview), CBSE Class 12 Geography?

differentiate between small scale industry and large scale industry Related: NCERT Solutions - Secondary Activities, Class 12, Geography?

Top Courses for Humanities/ArtsView all

Chapter Notes for Humanities

NCERT Books & Solutions for Humanities

Online MCQ Tests for Humanities

Short & Long Question Answers for Humanities

Geography Class 11

Top Courses for Humanities/Arts

Top Courses for Humanities/Arts

Suggested Free Tests

Related Content

Humanities Courses

Other Courses

How To Prepare?

Other Exams

Company