Innovation.

i. What is it?
ii. For each of the types of innovation covered in the slides and audio:

1. Provide 2 examples of each (that were not included in the
   slides or audio) and explain why these are good examples of
   those types of innovation.
2. For each of your examples explain how these two types of
   innovation were used to drive up profits.
   a. Discuss the 2 key factors required to drive up profits –
   drive down costs and drive up revenues.
   b. Might want to include how new products gain customer
   acceptance, including the importance of the relationship
   between price and utility.

Sample Solution