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workplace organisation or external relations.
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- ### Categories:
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- Product innovation
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- Advantages #flashcard
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- Increased market share
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- Public relations – e.g. news coverage
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- Enhanced reputation as an innovative company
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- Opportunity to build early customer loyalty
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- Added value
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- However, creation of
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- Higher prices and profitability
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- some innovative
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- products can instigate
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- Competitive advantage
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-
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- Process innovation
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- ### Types of Innovation
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id:: 648adeaf-1355-48de-91ae-ea4bc4b4d816
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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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- Advantages #flashcard
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- Advantages of launching new or improved products on to
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the market include [2]:
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l Increased market share
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l Public relations – e.g. news coverage
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l Enhanced reputation as an innovative company
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l Opportunity to build early customer loyalty
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l Added value
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However, creation of
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l Higher prices and profitability
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some innovative
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products can instigate
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l Competitive advantage
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- ### Models of Innovation
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id:: 648adeaf-2f3b-4ccc-a949-915a03aac808
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Innovation can follow different models, such as: #flashcard
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