Which of the following statements is correct? a) There is only one type of innovation and that is product/service innovation. b) Radical Innovation is easier to implement than Incremental Innovation. c) Disruptive Innovation is also Radical Innovation. d) Radical innovation of demand always brings in huge fortune.
Question
Which of the following statements is correct? a) There is only one type of innovation and that is product/service innovation. b) Radical Innovation is easier to implement than Incremental Innovation. c) Disruptive Innovation is also Radical Innovation. d) Radical innovation of demand always brings in huge fortune.
Solution
The correct statement is c) Disruptive Innovation is also Radical Innovation.
Here's why:
a) This statement is incorrect. Innovation can be categorized into many types, not just product/service innovation. For example, there's process innovation, organizational innovation, marketing innovation, etc.
b) This statement is also incorrect. Radical Innovation involves fundamental changes and is often more difficult to implement than Incremental Innovation, which involves making small improvements or updates to existing products, services, or processes.
d) This statement is not necessarily true. While radical innovation can potentially bring in a huge fortune, it can also fail. It's a high-risk, high-reward situation. The success of a radical innovation depends on various factors like market acceptance, competition, etc.
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