CAT Exam > CAT Videos > CMAT Mock Test Series > Innovation (Product and Process)
Innovation (Product and Process) Video Lecture | CMAT Mock Test Series - CAT
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18 videos|55 docs|26 tests
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FAQs on Innovation (Product and Process) Video Lecture - CMAT Mock Test Series - CAT
| 1. What is the difference between product innovation and process innovation? |  |
Ans. Product innovation involves creating new or improved products, while process innovation focuses on enhancing the way products are made or delivered.
| 2. How can companies encourage innovation in both products and processes? | |
Ans. Companies can encourage innovation by fostering a culture of creativity, investing in research and development, and promoting collaboration among employees.
| 3. What are some examples of successful product innovation in recent years? | |
Ans. Examples of successful product innovation include the iPhone by Apple, the electric car by Tesla, and the streaming service Netflix.
| 4. How can process innovation help companies improve efficiency and reduce costs? | |
Ans. Process innovation can help companies improve efficiency and reduce costs by streamlining operations, implementing automation, and optimizing supply chains.
| 5. What are some challenges companies may face when trying to implement innovation in their products and processes? | |
Ans. Some challenges companies may face include resistance to change, lack of resources, and competition from other companies.
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Nov 05, 2024 Last updated |
Video Description: Innovation (Product and Process) for CAT 2024 is part of CMAT Mock Test Series preparation.
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