Name and describe the three types of innovation. What will be an idea

QUESTION

Name and describe the three types of innovation.

What will be an ideal response?

ANSWER

Answer: (1) Continuous innovation represents modest improvements to an existing product to distinguish it from competitors; they require little consumer behavior change. (2) Dynamically continuous innovation represents marked changes to an existing product that require a moderate amount of consumer learning or behavior change. (3) Discontinuous innovation means the product is totally new, radically changing how people live.
Explanation: Understanding these three levels of innovation helps marketers develop the right kinds of marketing strategies to go along with a product. For instance, a classic strategy with a new product representing dynamically continuous innovation is to launch it at a reduced price in a limited-time offer.