This focuses on the relationship between inputs and output. Different production

Question

This focuses on the relationship between inputs and output. Different production curves are presented. But the intensity of current global competition often requires managers go beyond the traditional production curves. Today's manager must understand the importance of innovation (product innovation: the introduction of new or improved products; process innovation: the introduction of new or improved production processes). Give an example of real world firm which benefits from innovation and remains (or becomes) competitive in today's globalized world.

Explanation / Answer

In today's competitive world it is very necessary to innovate to remain in the market and not be wiped out of it. Every company these days either innovates or does not survives in the industry. Innovation can be a product innovation where company develops new product and moves ahead in race of competition and innovates the production process using cut-edge technology doing away with old obsolete one.

Tesla Motors, is one of the companies. It remains in competition by innovating new technology and new product. Another one for instance is Apple, it every now and then comes up with new product or new techonology to drive itself ahead of its competitors. it is does not, it might be wiped out completely from the market by its competitors.

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