Question

for firms that adopt innovation as a core component of their strategy, price, not product performance, is the major selling feature.

Answer 1

Price, not product performance, is the primary selling point for businesses who adopt innovation as a central component of their strategy, this is an untrue statement.

There is a misconception that the closed innovation paradigm underlies innovation produced by firms themselves. This innovation takes place wholly within the businesses, from idea generation through idea development, and is clearly specified within the boundaries of the businesses. To successfully implement closed innovation in a company, a number of criteria must be taken into account. Employee needs in closed innovation are particularly high, and the company intends to expand its pool of qualified personnel. The business must also safeguard its intellectual property.

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