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Summary Business Managment Tasks QHT1 Task 3.docx QHT1 Task 3 Business Management Tasks-QHT1 Task 3 There are many reasons entrepreneurial organizations seek opportunities to innovate. The first reason for entrepreneurial organizations to seek opportunities $5.49
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Summary Business Managment Tasks QHT1 Task 3.docx QHT1 Task 3 Business Management Tasks-QHT1 Task 3 There are many reasons entrepreneurial organizations seek opportunities to innovate. The first reason for entrepreneurial organizations to seek opportunities
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Grado
WGU C157
Institución
Western Governors University
Business Managment Tasks QHT1 Task QHT1 Task 3 Business Management Tasks-QHT1 Task 3 There are many reasons entrepreneurial organizations seek opportunities to innovate. The first reason for entrepreneurial organizations to seek opportunities to innovate is growth. Companies that value innova...
business managment tasks qht1 task 3docx qht1 task 3 business management tasks qht1 task 3 there are many reasons entrepreneurial organizations seek opportunities to innovate the first reason f
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Western Governors University
WGU C157
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QHT1 Task 3
Business Management Tasks-QHT1 Task 3
There are many reasons entrepreneurial organizations seek opportunities to innovate. The first reason for entrepreneurial organizations to seek opportunities to innovate is growth. Companies that value innovation continually rank at or near the top of the growth category of almost every business survey published in recent years. Successfully employing innovative design and production processes enable companies to drive down costs, improve production efficiency, and grow in terms of both their workforce and their bottom line. Another reason for organizations to continually search for innovative opportunities is to develop new and improved products and services. Bringing new products to market used to take years. Planning and development, production, and marketing were based on a product life expectancy of decades. Fast forward to the present where the life expectancy of a product can often be measure in months and it is easy to understand why companies must rely on innovation to survive. When the next up and coming product is being developed during the roll out of the last one, innovation is the only way for businesses to remain relevant. The third reason for entrepreneurial organizations to seek out innovative opportunities is to create or increase competitive advantage. By most definitions, innovation is doing something differently (better) than others do it. In terms of product design, the goal is create or refine a product until there is nothing comparable in the market. In terms of production, the goal is do it
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