One way that organizations compete is through technological innovation. However, there can be downsides for both the organization and the consumer. Explain.
What will be an ideal response?
Innovations might be product or service related, or process related. These typically
involve added cost and time for training and possibly new equipment or equipment changes, and potential changes for the supply chain (e.g., new suppliers, new delivery requirements, etc.). Process innovations can be disruptive to the workforce due to lower labor or machine time requirements, which may result in job loss, retraining, and/or lower worker morale. New products or services also probably will involve new advertising campaigns or other promotions, and the need for consumer education. Consumers will have to adjust to new products or services, and may have some difficulty if innovations entail increased complexity.
You might also like to view...
Business trust resembles a ____________ by: beneficiaries are not personally responsible for the trust's debts or obligations.
Fill in the blank(s) with the appropriate word(s).
To sell variable contracts, a person must
A) hold a Certified Financial Planner designation B) be licensed as a managing general agent C) maintain a bond payable to the state D) be licensed for life insurance, maintain both federal and state securities licenses, and, in some states, have a specific variable annuity endorsement