Study Information for Phase 1 of Exploring Creativity вЂ“ Launch
By Team 1 of G27
People: Lee Qian Yi, No, Sharon, Alicia Poon, Terence Tan
1 . Appreciate the importance of innovation for business and the national economy installment payments on your Understand the character of advancement and capable to distinguish between advent and
3i. Explain the activities connected with innovation
3ii. Appreciate the component business models play in innovation
some. Understand the hyperlink between innovation and diffusion
Note: What in green are the group's good examples and the underline parts will be the important keywords
1 ) Importance of development:
1 . you Innovation is important for business intended for the following causes: * It allows these to respond to social/global trends and competitions via the processes of differentiation. Social trends are always in a constant course of change due to the drive to get development as well as the ever-zealous tournaments between international corporations. Consequently, this conveyor belt of responses to social styles allows for differentiation because it motivates varying businesses to come up with exclusive selling points of their own.
5. In doing so , businesses reap the benefits of innovation since consumer's requirements are regularly being attained while pleased customers consequently are willing to pay money for an certain value with their purchase whenever a new innovation is being announced. This form of value proposition indicates the importance of innovation to businesses because not only income are to be received from improvements to existing products or from revolutionary innovations.
* Web based essentially expanding their pool area of consumers simply by further satisfying their needs and demands. Therefore provides for a reliable stream of profits intended for the businesses.
* Creativity can also support businesses in cutting down creation costs overall. For example , Toyota's manufacturing lines are frequently being updated and increased to suit the availability of differing car models at a lower cost and higher efficiency. While technology allows for all their car production to be hasten вЂ“ with the usage of pcs and virtual transmission of information вЂ“ development can also be exploited to hasten the processes of producing by enhancing the production range. In the long run, enhancements can successfully enable an enterprise to reduce production cost considerably while maintaining/increasing their creation output.
5. This will indubitably ensure the survival of the business throughout the economy over a very long period of time.
1 . 2 Development is important to get the countrywide economy for the following factors * It allows for country branding on a global size. Take Japan for example , all their intensive purchase in camera innovation has claimed them a global position of technological paradise.
* This can be beneficial for a nation's economic climate because it essentially increases a country's worldwide attractiveness and consequently the strength of their economic system.
* Innovation also enables a country to reply to changing global tendencies. This can be seen in the sort of Maldives. In the past, Maldives accustomed to be a country that depended on rigorous agricultural actions to preserve its overall economy. However , spotting a increasing trend on the western part of the country where folks are willing to pay even more for extravagance goods and tourism activities, Maldives provides successfully got this new thought of responding to the west and innovated it by modifying their isle into a perfect tourism area. Today, we come across Maldives inhabited by many luxury hotels filled with expensive tourism packages for vacationers to indulge in.
* From here, we could clearly see that innovation can easily boost the vigor of a place's economy simply by responding to shifting global tendencies and tournaments.
2 . Explanations of " InnovationвЂќ:
1 ) В В вЂInnovation is the successful fermage of ideas'...
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