Innovation
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Innovation is the process of introducing new ideas or changes to existing products, services, or processes to create value for customers. Successful innovation adds knowledge and transforms ideas into outputs that increase customer value. Innovation is important because it allows companies to differentiate themselves, stay ahead of competition, and adapt to changing markets and technologies. While innovation provides opportunities, it also presents challenges in terms of the business environment and economic and market trends that must be addressed.
Innovation
- 1. AN Opportunity OR a Challenge By Mithlesh Dey
- 2. What is Innovation? Innovation is the process of making changes to something established by introducing something new that adds value to customers and contributes to the knowledge store of the organization. Successful innovation is about creating value. Innovation = Creativity + Exploitation 1.Economics 2. Business 3. Engineering 4. science 5. sociology
- 3. Why Innovation is Important? 1. Transforms ideas into outputs, which increase customer value. 2. A key differentiator between market leaders and their rivals. 3. Stay ahead of your competition as markets, technologies or trends shift. 4. Pay more for your well-designed, novel and innovative product or service. 5. Make life comfortable.
- 5. Innovation is a challenge :
- 7. In terms of Economics : Innovation is the introduction of a new good to a market, the application of a new idea to decrease production costs, Or the opening of a new market for an existing service or product. For example : Barter System Monetary System
- 8. According to Business : The process of translating an idea into a good or service that creates value for which customers will pay. For example : Ordinary Shop Mall Online Shopping Trend of Shopping
- 9. Thank YOU !!