What Are the Types of New Products That a Firm

question 67

Essay

What are the types of new products that a firm can introduce? What are the problems associated with introducing a truly innovative product? What are the necessary conditions to create a radically innovative product?

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Definitions:

Availability Heuristic

A cognitive shortcut that relies on immediate examples that come to a given person's mind when evaluating a specific topic, concept, method, or decision.

Illusory Correlations

The cognitive bias of perceiving a relationship between variables (typically people, events, or behaviors) even when no such relationship exists.

Cognitive Maps

Mental representations of physical locations, allowing an individual to visualize paths or navigate spaces they have experienced.

Algorithms

Step-by-step procedures or formulas for solving problems or completing tasks, often used in computing and mathematical problem-solving.