In a Short Essay, Discuss the Importance of Innovation to the Manager's

question 57

Essay

In a short essay, discuss the importance of innovation to the manager's job.Give an example of a non-technological innovation and the role manager's play in innovation.

---

Definitions:

Break-even Point

The level of production or sales at which costs equal revenues, and there is no profit or loss.

Break-even Point

The point at which total costs equal total revenues, meaning no profit or loss is being made.

Contribution Margin Ratio

A financial metric that shows what percentage of sales revenue is available to cover fixed costs and generate profit.

Variable Costs

Costs that change in proportion to the level of activity or volume of production, such as raw materials and labor expenses.