Answer :
In the automotive industry, there are four different types of innovation that drive progress and advancement. These types of innovation are:
1. Product Innovation: This type of innovation involves improving or creating new automotive products. It focuses on enhancing the performance, features, and design of vehicles. For example, the development of electric cars is a form of product innovation.
2. Process Innovation: Process innovation involves finding more efficient and effective ways to manufacture vehicles. It aims to improve production processes, reduce costs, and increase productivity. For instance, the implementation of robotic assembly lines in car manufacturing plants is a form of process innovation.
3. Business Model Innovation: Business model innovation involves creating new ways of delivering value to customers. It focuses on transforming the way automotive companies operate and generate revenue.
4. Marketing Innovation: Marketing innovation involves finding new ways to promote and sell automotive products. It focuses on creating unique marketing strategies to reach and attract customers. One example of marketing innovation is the use of social media platforms for advertising and engaging with customers.
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