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.

Answer 1

The element mentioned in the question refers to “Analysing the Opportunity” in the innovation process.

The other three elements are:

• Resource organisation: Obtaining the required resources, materials, technology, human resources, or capital resources.
• Implementation: Applying the resources in order to accomplish the plans and deliver results.
• Commercial application: The provision of value to customers, rewarding employees, and satisfying the stakeholders.