As written by Innovation Process Management IPM , innovation is not just about having good ideas; it is about managing new ideas, improving old ideas, understanding and anticipating markets and technologies. According to Brassington and Pettitt , product innovation involves an organisation breaking into totally new ground, where previous consumer experience cannot be utilised. Product innovation is a risky process as the organisation will have to overcome ignorance, suspicion and scepticism. Brassington and Pettitt believe that product innovation is normally a result of technological breakthroughs. This is reinforced by a quote from Gerbeau, P of the Open University that Innovation is risky, but in business you need to take risks to survive.
The 3 Types of Innovation: Product, Process, & Business Model
product innovation Essay example - Words | Bartleby
Written by Differential on March 20, Innovation has become such a buzzword it can be hard to remember what it actually means. There are several different ways a company can innovate; in this article, they are broken down into three general categories: product, process, and business model. By narrowing your focus on a specific type of innovation, you can be a more effective and strategic innovator.
Functional Product and Innovative Product
Please join StudyMode to read the full document. What is a Product? That is, it is something that is felt, tasted, heard, smelled or seen.
However, there are indispensable differences. Literally creativity is an essential pillar for innovation. This is reflected in the now widely accept definition of innovation equalling creativity plus successful implementation. Creativity by itself, to come with new ideas, is not enough.