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INNOVATION PROCESS IN ENTREPRENEURSHIP What is a value innovation? Why is it important? Find and describe...

INNOVATION PROCESS IN ENTREPRENEURSHIP

What is a value innovation? Why is it important? Find and describe an example of a value innovation. Explain why that value innovation changes the way firms in an industry do business or will do business in the future.

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Answer #1

Value innovation is the process by company introducing new technologies to upgrade in existing products and by doing this decreasing the cost and performing products differenciation strategies.

Example of value innovation like Tesla motor company introduced electric car and by doing this reducing the cost and doing products differenciation in market.

Value innovation is setting a new landmarks for company and company is strategically advanced by value innovation and attracting more and more customers. Company is exploring markets and increasing it's business volumes and keep increasing market share. Company brand value increased and company future business possibilities rapidly increasing.

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