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There are different types of innovation, including: #flashcard
- Radical innovation: involves creating something entirely new that disrupts existing markets or creates new ones.
- Disruptive innovation: involves creating a new product or service that initially serves a niche market but eventually disrupts the existing market.
- Incremental innovation: involves making small improvements to existing products or processes.
- Sustaining innovation: involves making improvements to existing products or processes that help maintain a company's competitive position.
- Product InnovationThe development of a new or improved product
Process innovationThe development of a new manufacturing
process
- Organisational innovationA new venture division, a new internal
communication system, introduction of a new
accounting procedure
- Management innovationTQM (Total Quality Management) systems. BPR
(business process re-engineering)
- Production innovationQuality circles, just-in-time (JIT) manufacturing
system, new production planning software
- Commercial/marketing innovation New financing arrangements, new sales
approach e.g. direct marketing, e-commerce
Service innovation Telephone financial services or on-line services
e.g. customer support
- ### Models of Innovation
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