- 10 Marks
SCS – July 2023 – L3 – Q3b – Strategy Implementation
Identify and explain four reasons why SavvyTech needs to research, innovate, and develop existing and new products.
Question
Business entities must innovate to survive and grow. The Director of Marketing and Sales, in a meeting, presented a product market annual performance analysis report and highlighted that the sales trend of the ‘Wrist Organiser 3b’, introduced in 2018, reduced by 75% in 2022 and by 50% in 2021.
Required:
As a member of SavvyTech plc management team, identify and explain FOUR (4) reasons why it is necessary to research, innovate and develop existing and new products as an organisation.
Find Related Questions by Tags, levels, etc.
- Tags: Business Growth, Product Innovation, Research and Development
- Level: Level 3
- Topic: Strategy implementation
- Series: JULY 2023
