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Innovation (Product and Process) Video Lecture | CMAT Mock Test Series - CAT

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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.
18 videos|55 docs|26 tests
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