Short Answer Questions Instructions Please answer the following questions (American English Spelling): XXXXXXXXXXWords) Describe the differences between functional and innovative products. Provide an...

1. Describe the differences between functional and innovative products.  Provide an example of each.
Functional products are commodities that are considered staples and are purchased on a regular basis. They have a long-life cycle that is predictable due to their stability and are widely available at retail outlets like supermarkets and convenience stores. However, because of the high level of competition, they have low profit margins.
Innovative products are brand-new offerings on the market that provide something unique. Though they also have erratic demand patterns and necessitate a supply chain that is vastly different from that of basic products, these kinds of products tend to have large profit margins.
To categorize whether a product is a functional product or an innovative product, we can look at the nature of product demand. Managers use a variety of supply chain management strategies depending on the characteristics of their products. Products with extensive life cycles and more consistent and predictable demand are those that consumers purchase from a...