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Management is efficiency in climbing the ladder of success; leadership determines whether the ladder is leaning against the right wall.

Stephen Covey

Innovation

Concept Briefing:

Innovation may be defined as the process of making improvements by introducing something new which must be substantially different, not an insignificant change. In economics the change must increase value, customer value, or producer value. Innovations are intended to make someone better off, and the succession of many innovations grows the whole economy.

There are a variety of types of innovation, including for example:
  • Business Model innovation involves changing the way business is done in terms of capturing value e.g. Compaq vs. Dell, hub and spoke airlines vs. Southwest, and Hertz/Avis vs. Enterprise.
  • Marketing innovation is the development of new marketing methods with improvement in product design or packaging, product promotion or pricing.
  • Organizational innovation involves the creation or alteration of business structures, practices, and models, and may therefore include process, marketing and business model innovation.
  • Process innovation involves the implementation of a new or significantly improved production or delivery method.
  • Product innovation, involves the introduction of a new good or service that is new or substantially improved. This might include improvements in functional characteristics, technical abilities, ease of use, or any other dimension.
  • Service innovation, is similar to product innovation except that the innovation relates to services rather than to products
  • Supply chain innovation where innovations occur in the sourcing of input products from suppliers and the delivery of output products to customers

    21 Mar 2007 22:20:53

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