Innovation, Technological Change an(5-2 三 Competition Technology refers to the skills, knowledge, experience, body of scientific knowledge, tools, computers, machines used in the design and production of goods and services. Ouantum technological change: fundamental shift in technology that results in innovation. o The Internet and genetic engineering are examples Incremental technological change. refinements of current technology over time o Most firms seek incremental product innovations which allows constant, but small, improvements win/MeGraw-Hill CThe McGraw-Hill Companies, Inc, 200019-2 Irwin/McGraw-Hill ©The McGraw-Hill Companies, Inc., 2000 Innovation, Technological Change and Competition Technology refers to the skills, knowledge, experience, body of scientific knowledge, tools, computers, machines used in the design and production of goods and services. Quantum technological change: fundamental shift in technology that results in innovation. ◆The Internet and genetic engineering are examples. ◼ Incremental technological change: refinements of current technology over time. ◆Most firms seek incremental product innovations which allows constant, but small, improvements