Question

State the elements in the innovation process.

Answer 1

The innovation process generally includes the following elements:

1. Idea Generation: New concepts are developed and brainstormed at this level. It requires originality and unconventional thinking.
2. Idea screening: assessing the viability and promise of the concepts produced. This aids in choosing the best concepts.
3. Concept Development and Testing: transforming chosen concepts into comprehensive ideas and testing them to determine their viability and market potential.
4. Business Analysis: Evaluating the concept's profitability, revenue potential, and cost in order to determine its business viability.
5. Product Development: utilising the concept to create and develop the actual product or service.
6. Market Testing: launching the product or service in a small market segment in order to get feedback and make the required modifications.
7. Post-Launch Review: keeping an eye on how well the product is selling and adjusting it in response to customer feedback and performance information.
8. Commercialization: increasing production and marketing activities and introducing the good or service to a wider market.