INNOVATION BUSINESS VOCABULARY IN USE (ADVANCED)

 

BUSINESS VOCABULARY IN USE (ADVANCED) 20. INNOVATION

 

A Innovation and the development process Enrique Sanchez is head of new product development at a large consumer products company: ‘We want to foster creativity and innovation – the development of new ideas. Ours is a large company, but we want to avoid becoming bureaucratic, with slow decision making.       B Pioneers and followers ‘One problem is to know whether to introduce a product or service before anyone else, or to wait for others to introduce similar products. Some say that if you bring a product to market first, you have first mover advantage – you can influence the way the market develops. These companies are trendsetters or innovators. Others say that it’s better to be a follower and learn from the mistakes of the pioneers.’ C Shakeout and consolidation EXERCISES 20.1 This article contains words from A opposite. Complete it by choosing the best phrase (a-d) below to go in each of the gaps (1-4). INTRAPRENEURSHIP Increased global competition is forcing large companies to consider more and venturesome ways of stimulating product ideas. As a theory, intrapreneurship, where large established companies turn to internal ‘entrepreneurs’ for breakthrough innovations, sounds like a good idea. On the surface, nothing can be more efficient than (1) __________. In practice, things have not been that easy. (2) __________ many companies which have ventured into the world of intrapreneurship have failed to reap any benefits. After its birth in the   a. The push for innovation among large b. encouraging innovation among employees so that they come up with mould-breaking products and ensure the company’s survival. 20.2 Complete the sentences with appropriate forms of expressions from B opposite. 1. The alliance put ARM in partnership with Psion, the early _________ of pocket-sized computers. 2. Freeserve was the first Internet service provided to drop upfront charges and, with this _________ _________ _________, came to dominate the UK market. 20.3 Look at the following facts the development of the market for online book sales. (They are not in chronological order.) Complete the facts with appropriate forms of expressions from C opposite. 1. Some smaller companies stopped selling altogether: they ……. 2. There is a trend towards fewer and bigger companies in the market, a trend towards …….

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