QHT1 Task 3 123114: The Innovation Concept

Satisfactory Essays
John Loyd
Student ID 000329013
QHT1 Task 3 Entrepreneurs use many tools to propel their endeavors. One of the tools that many entrepreneurs use is the innovation concept. The innovation concept is the development of new disciplines and practices within the frame work of the concept. Entrepreneurs bring about innovation through opportunities that are caused by change. Technology innovation, processes innovation, service innovation and product innovation are some of the ways that the opportunities within the innovation concept can be found. Each of these ways of finding opportunities happen in different ways.
Technology Innovation: The first way in which entrepreneurs use the innovation concept is technology innovation. Technology innovation is used in production techniques. The use of technology innovation in production techniques does two important things. The first thing that is does is lower the cost of a product or make the product a better quality product for the consumer to use. When the price of a product lowers or the quality of the product is raised, the business or organization is able to surpass their competitors. When a company is able to produce a product that is better than its competitor’s products more product is sold. Therefore, the company’s profits are raised. The second thing that technology innovation does is keep the interest of current customers and possible new customers through the change made by technology innovation.
Process Innovation: Process innovation is where change is found to make productivity more cost effective. It uses the total quality management (TQM) concept and the just-in-time supply (JIT). The TMQ concept is when an organization works together to constantly make changes that will deliver higher quality products and services to consumers. The JIT supply is a concept of not keeping any unused inventory on hand. JIT saves a company a substantial amount of money. Process innovation changes are innovations

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