Question

Seth goldman makes clear that innovation is essential for a small company to break into the packaged beverage market. in what ways can a company foster innovation? check all that apply. organize the company with a centralized structure using functional departments and reward short-term results. establish a cross-functional team with members from research, manufacturing, and marketing departments to guide a new product's development from beginning to end. make sure technical employees are aware of the latest technological innovations and engage in cross-functional discussion about how they could be used to achieve competitive advantage.

Answer 1

The correct answer is B, Establish a cross functional team with members from research, manufacturing and marketing departments to guide a new product's development from beginning to end.

When a small company wants to make a space in the already packed beverage market, they need to launch a highly innovative product that makes a difference in the already saturated market. So when preparing for the new innovative product, people from all concerned departments like Research, Manufacturing and Marketing should sit together and make a new product specs by keeping in mind the needs, demands, wants and favorites of people in the market.

Answer 2

Ways that a company can foster innovation are ;

• Organize the company with a centralized structure using functional departments and reward short-term results.

• Establish a cross-functional team with members from research , manufacturing and marketing department to guide a new product’s development from the beginning to the end

This could be used to achieve competitive advantages by creating a culture of innovation that will best drive inspiration and encourage workers to push beyond come up with something new.

Step-by-step explanation

Innovation should be a constant process practiced in a business for the success of entrepreneurs. Innovations enable companies to seize new opportunities and occupy a market share. Companies should adopt the technique of leading from the front by having leaders that are bold thinkers and passionate about their work. Workers should feel independent to come up with their own innovative thinking and pursue ideas into real things. When a company build effective teams the members will be dependable and believing in long term results of team’s efforts. Innovation is essential for companies because it put them at a competitive position to seize the new market of consumers that are using current products and services.