$3.$ Approaches Toward Innovation

Approaches Toward Innovation

Innovation is the creation of something new that makes money. In order to be profitable, innovations must be both novel and useful. Managers also need understand innovation in depth and must learn how to create organizations that are supportive of innovation. This activity is important because knowledge of this concept will help you, as a manager, to be able to differentiate between and classify the four distinct types of innovation.

The goal of this activity is to challenge your knowledge of the approaches toward innovation.

Match each item to the type of innovation it best represents.

Product innovation New$-$direction process innovation Process innovation New$-$direction product innovation

Match each of the options above to the items below.

Apple releases an updated version of the Mac book.

No answer

Refineries learn to extract more oil in less time.

No answer

NASA invents flying cars.

No answer

All components of a home are prefabricated and shipped in the same package for construction on site.