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1. Describe the three innovation strategies that managers implement for changing products and technologies. (5 points)
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Answer 1= The three types of innovation strategies that can be used by the managers are as below=

Incremental strategy= This is the most common type of innovation strategy in which existing technology is used to upgrade to facilitate better features of products to the existing customers. Example= Introduction of a new model of iPhone

Disruptive innovation- This is the innovation strategy in which new technology or new product is being introduced to the existing market. This will be quite a costly exercise. This can also hamper the existing technology or product.

Example- The development of Smartphone when the keypad phones were in use

Radical innovation- This is the pure innovation in which completely new technology is developed and has the probability of swallowing the current technology. Example= The mobile phone replaced landline phones

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