In developed economies, the electric car industry exists in the introduction stage, and the industry for mp3 players stands in the shakeout phase t his implies hat the industry for electric cars will concentrate more on product innovation, whereas in the MP3 player industry, the direction will be on process innovation.
<h3>What is Process innovation?</h3>
Process innovation is the use or introduction of a new technology or way of doing something that aids in an organization's ability to meet client needs and remain competitive. Process innovation is crucial, especially for expanding organizations in a cutthroat market.
By creating products that meet both the needs of their customers and the best results, it enables a company to gain a stronger foothold in the market. Changes to the technology and machinery utilized in the conception, creation, and production of goods or services are included in process innovation. To save money, time, or to offer better customer service, this innovation selection process adopts considerably enhanced manufacturing or delivery systems.
Hence, In developed economies, the electric car industry exists in the introduction stage, and the industry for mp3 players stands in the shakeout phase t his implies hat the industry for electric cars will concentrate more on product innovation, whereas in the MP3 player industry, the direction will be on process innovation.
To learn more about Process innovation refer to:
brainly.com/question/19969274
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