What are the three reasons for understanding how the process of innova

QUESTION

What are the three reasons for understanding how the process of innovation works?

What will be an ideal response?

ANSWER

Answer: (1) Product obsolescence: Existing products become obsolete as consumers’ needs change or competitors add better features. (2) Frequent failure of new products: Constant innovation is necessary because most new products your company introduces will not be accepted by enough consumers to be successful. (3) Long development time: Some products take years to take shape.
Explanation: Most innovative products are not radically new, whereas others may be so wildly ahead of their time as to seem impractical today.