Compare innovation through development of new-to-the-world products with the use of incremental innovation
What will be an ideal response?
New-to-the-world products create an entirely new market, whereas incremental innovation involves minor improvements or revisions of existing products. Most new-product activity is devoted to incremental innovation. Truly innovative and new-to-the-world products incur the greatest cost and risk. Although radical innovations can hurt the company's bottom line in the short run, if they succeed, they can create a greater sustainable competitive advantage than ordinary products and produce significant financial rewards as a result.
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