Question

‘Carefully identifying the product or service features, design, as well as the resources that will be needed’ is an element in the innovation process. Explain its other three elements.

Hint:

Innovation isn’t just about the idea — it’s a step-by-step process from identifying a need to launching in the market.

Answer 1

The given statement refers to the second element of the innovation process — Designing the idea. The other three elements of the innovation process are:

1. Analysing Opportunities:
This is the first step where the entrepreneur closely observes and analyses market trends, consumer problems, or technological gaps to identify an opportunity for innovation.

2. Product Development:
After designing the idea, the product or service is developed into a prototype or workable model. Testing is done to refine the features and ensure market readiness.

3. Market Development:
Once the product is ready, it is introduced into the market. Strategies for branding, pricing, promotion, and distribution are developed to reach the target audience and generate demand.