Mataracy
VIP Contributor
In this content I will like made clear distinction between invention and innovation.
I will describe invention as the application of an invention in the production process. The new method of distribution i n all aspects enhance profits by lowering or reducing costs.
In other words, producing products at least costs would facilitate increase in profits. Then,it means that new and improved products at least cost would raise profits by generating favourable changes in demand and prices.
Various forms of innovation serves as the most powerful and persuasive weapon business organisation have for earning economic profits.
These forms of innovation can be new managerial, marketing, accounting and financial practices.
Introduction of these can enhance higher profits only through operating economics.
Basically, technology superior method of production with innovations can easily lead yo increase in attractive economic profits.
Technology and innovations theories of profit a times is subject to criticism. This is because in the long run innovation can be be widely imitated.
What is your take about this topic and your contribution?
I will describe invention as the application of an invention in the production process. The new method of distribution i n all aspects enhance profits by lowering or reducing costs.
In other words, producing products at least costs would facilitate increase in profits. Then,it means that new and improved products at least cost would raise profits by generating favourable changes in demand and prices.
Various forms of innovation serves as the most powerful and persuasive weapon business organisation have for earning economic profits.
These forms of innovation can be new managerial, marketing, accounting and financial practices.
Introduction of these can enhance higher profits only through operating economics.
Basically, technology superior method of production with innovations can easily lead yo increase in attractive economic profits.
Technology and innovations theories of profit a times is subject to criticism. This is because in the long run innovation can be be widely imitated.
What is your take about this topic and your contribution?
