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.
‘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.
Show Hint
Innovation isn’t just about the idea — it’s a step-by-step process from identifying a need to launching in the market.
Updated On: Jul 4, 2025
Hide Solution
Verified By Collegedunia
Solution and Explanation
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.
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.
Was this answer helpful?
0
0
Top Questions on Entrepreneurial Process
- The process of creativity involves various steps. One of the steps is related to transition period, ‘where the entrepreneur starts thinking about the idea and implementation in his subconscious mind’. Explain the next three steps followed by this.
- CBSE CLASS XII - 2025
- Entrepreneurship
- Entrepreneurial Process
Questions Asked in CBSE CLASS XII exam
- Find the image \( A' \) of the point \( A(2,1,2) \) in the line \[ l: \mathbf{r} = 4\hat{i} + 2\hat{j} + 2\hat{k} + \lambda (\hat{i} - \hat{j} - \hat{k}). \] Also, find the equation of the line joining \( A A' \). Find the foot of the perpendicular from point \( A \) on the line \( l \).
- If a line makes angles of \( \frac{3\pi}{4} \) and \( \frac{\pi}{3} \) with the positive directions of \( x \), \( y \), and \( z \)-axes respectively, then \( \theta \) is:
- Differentiate \(\frac{\sin x}{\sqrt{\cos x}}\) with respect to x.
- CBSE CLASS XII - 2025
- Differentiation
- For a reaction X + Y → Z, in which both X and Y follow first order kinetics; if the concentration of X is increased 2 times and concentration of Y is increased 3 times, how does it affect the rate of reaction?
- CBSE CLASS XII - 2025
- Chemical Kinetics
- Find the angle at which the given lines are inclined to each other: \[ l_1: \frac{x - 5}{2} = \frac{y + 3}{1} = \frac{z - 1}{-3} \] \[ l_2: \frac{x}{3} = \frac{y - 1}{2} = \frac{z + 5}{-1} \]
View More Questions