Question: Please organize the information below into a slide with bullet points and include speaker notes. 1 . Explain potential risks and benefits for Options A
Please organize the information below into a slide with bullet points and include speaker notes. Explain potential risks and benefits for Options A discontinuous innovation, and B incremental innovation. A Overview slide: Present the business problem and an overview of Options A and B Option A slides: Explain at least two potential risks and two potential benefits for Option A C Option B slides: Explain at least two potential risks and two potential benefits for Option B Options for approaching the integration of IoT technology Discontinuous Innovation Advantages: This method also allows the company to innovate and offer products optimized to employ IoT technology far beyond the reach of the competition. It can be an intermediate target for a brand that wants to appeal to early adopters and people who know its tech and position itself as an industry leader and innovator. It enables differentiation in the market, thus creating opportunities for higher margins. Disadvantages: High capital and R&D costs are required to develop and launch a new product line. Market readiness risk: New products may not be readily accepted, particularly if customers are unfamiliar with the technology. Slower to market than with incremental innovation, which could enable competitors to catch up Discontinuous innovation has several benefits. It allows the company to beat competitors by introducing the latest and most excellent products using IoT technology, betting early adopters to sign on and demonstrating its industry leadership ability. Also, it is an opportunity for market differentiation, which could mean higher profits. However, this approach has significant drawbacksit is expensive and resourceintensive, has uncertain market acceptance, and has realized costs over extended timescales longer than investing in incremental innovation that competitors could use to their advantage. Discontinuous innovation's completely new product line design can also have several benefits. It gives the company an edge over its competitors in bringing to market leading products that exploit the full potential of IoT, the ensuing early adopter sales channels, and the perception that the company is a true industry innovator. There is also an opportunity for market differentiation, perhaps offering the chance of better profit margins. However, doing so also has significant drawbacks it is often timeconsuming and costly to develop, not to mention not guaranteed to be embraced by the market, and to market, it may take longer versus incremental innovation, leaving time for competitors to play catchup Incremental Innovation Adding new technology features into one model and then incrementally into the broader product line: Advantages: Innovation carries less risk and requires less investment than discontinuous innovation because it involves existing products and technology. It allows the company to trial new features on the market in a limite
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