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