Transforms any type of innovation that historically was expensive and complicated into an innovation that is affordable, simple, and available to broader markets.Group of answer choicesRed Ocean StrategiesInnovation DiffusionDisruptive InnovationBlue Ocean Strategies
Question
Transforms any type of innovation that historically was expensive and complicated into an innovation that is affordable, simple, and available to broader markets.Group of answer choicesRed Ocean StrategiesInnovation DiffusionDisruptive InnovationBlue Ocean Strategies
Solution
The answer is Disruptive Innovation. This term refers to a process where a smaller company with fewer resources is able to successfully challenge established incumbent businesses. Specifically, as incumbents focus on improving their products and services for their most demanding (and usually most profitable) customers, they exceed the needs of some segments and ignore the needs of others. Entrants that prove disruptive begin by successfully targeting those overlooked segments, gaining a foothold by delivering more-suitable functionality—frequently at a lower price. Incumbents, chasing higher profitability in more-demand
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