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Innovation

Innovation refers to the implementation of new ideas in business, which can include improvements to processes, materials, or products. Innovation covers many areas of business like human resources, production, marketing, research and development. It is important for competition, meeting consumer demand, and succeeding in global markets. While innovation carries costs and risks, it can provide benefits like growth, competitive advantages, job creation, and increased productivity.

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114 views1 page

Innovation

Innovation refers to the implementation of new ideas in business, which can include improvements to processes, materials, or products. Innovation covers many areas of business like human resources, production, marketing, research and development. It is important for competition, meeting consumer demand, and succeeding in global markets. While innovation carries costs and risks, it can provide benefits like growth, competitive advantages, job creation, and increased productivity.

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api-529669983
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© © All Rights Reserved
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INNOVATION

What you need to know:

Definition of the key term


Difference between innovation and invention
What areas if business innovation covers: H.R., production,
marketing, finance, R&D
Processes, materials, implementation, products! - process
innovation, product innovation, cost reduction innovation
Links to problem solving
Importance of innovation: competition, consumer demand, global
market and influences, marketing (WWW)
Costs of innovation
o Expenses
o Risk
o Budgeting vs borrowing
o Change
Benefits of innovation:
o Growth
o Competitive advantage
o Job creation
o Branding
o Productivity
o Social benefits

A.R.T.I.C.L.E

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