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- ### Definition of Innovation #flashcard
id:: 648adeaf-19e3-4987-a5d1-d0f6b21e814e
- Innovation is :-> successful implementation of a new or
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significantly improved product (good or service), or
process, a new marketing method, or a new
organisational method in business practices,
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- ### Categories:
- Product innovation
- Advantages #flashcard
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- Increased market share
- Public relations – e.g. news coverage
- Enhanced reputation as an innovative company
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- Competitive advantage
- Process innovation
- Advantages #flashcard
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- Reduced costs
- Improved quality
- More responsive customer service