Innovation is any new idea, process, or product, or a

change to an existing product or process that adds value

to that existing product or service. How is an invention
different from an innovation?16 Jan 2020What are the
types of innovation with examples?
8 types of innovation
 Product innovation. Product innovation involves visibly
improving a product's performance and updating or
upgrading its characteristics. ...
 Service innovation. ...
 Process innovation. ...
 Technological innovation. ...
 Business model innovation. ...
 Marketing innovation. ...
 Architectural innovation. ...
 Social innovation.
What are the 4 types of innovation in entrepreneurship?
The four types of innovation
 Sustaining, or incremental innovation.
 Breakthrough innovation.
 Disruptive innovation.
 Basic research.
Sustaining innovation is a type of incremental
improvement that helps an organization maintain its
competitive advantage by improving the features and
performance of existing products, processes, and
services.
Breakthrough innovation refers to the development of new
products, services, or processes that create a significant
impact on the market and change the way things are
done. It involves creating new business models or
disrupting existing ones and introducing new technology,
new demand, or new ideas to the market.1 May 2023
Disruptive innovation is the idea that when a product or
service is introduced into an established industry and
performs better or costs less than existing offerings, it can
displace the market leaders and even transform the
industry.
A technological innovation is a new or improved product or
process whose technological characteristics are
significantly different from before. Implemented
technological product innovations are new products
(product innovations) or processes in application (process
innovations) that have been brought to market.

Business model innovation is the art of enhancing

advantage and value creation by making simultaneous—
and mutually supportive—changes both to an
organization's value proposition to customers and to its
underlying operating model.
 A marketing innovation is the implementation of a new
marketing method (marketing idea or strategy) that differs
significantly from the previous marketing method used by
the enterprise and that has not been previous...

What is a basic research innovation?

Researchers attempt to provide fundamental explanations
for how life functions through basic
science. Understanding the function of recently found
molecules and cells, odd events, or poorly understood
processes is the aim of basic research. Basic research in
innovation.
What are the benefits of innovation?
Some of the key practical benefits of innovation are:
 improved productivity.
 reduced costs.
 increased competitiveness.
 improved brand recognition and value.
 new partnerships and relationships.
 increased turnover and improved profitability.
Advantages &
Disadvantages of
Innovation
Advantages Disadvantages
 Businesses can  Very costly and time
 initially charge consuming
higher prices for
 Businesses can run
new products before
out of money if they
competitors
invest too much and
products come on
don't get products to
the market
market quickly
 Being innovative enough
good for a firm's
 End up wasting
reputation
resources by
 If they have been developing
first in the past - something that
people naturally doesn't sell
interested in future
 Businesses not able
products
to produce new
 Innovations in product on large
processes add value scale at low enough
to existing cost - no guaranteed
products / services return on investment
 Businesses with lots  Businesses risk
of innovative ruining reputation if
products can take new product is poor
advantage of quality
economies of scope
 What Is Product Innovation? Product innovation is the
process of creating a new product—or improving an
existing one—to meet customers' needs in a novel way.

A process innovation is the implementation of a new or

significantly improved production or delivery method. This
includes significant changes in techniques, equipment
and/or software.27 Mar 2023
Service innovation refers to any positive changes in the
services sector that alter how services are provided or
introduce new services. The main aim of innovative
services is to simplify existing customer processes to
enhance ease and speed.
What are the advantages of product innovation?
Product innovation, when done right, product
innovation has the following benefits:
 Improved product quality. All business innovations directly
improve product quality and performance. ...
 Smart expansion to new markets. ...
 Product differentiation. ...
 Business growth. ...
 Market domination. ...
 Top talent acquisition.
Advantages and disadvantages[edit]
Advantages of product innovation include:
 Growth, expansion and gaining a competitive
advantage: A business that is capable of differentiating
their product from other businesses in the same industry
to large extent will be able to reap profits. This can be
applied to how smaller businesses can use product
innovation to better differentiate their product from
others. Product differentiation can be defined as "A
marketing process that showcases the differences
between products. Differentiation looks to make a
product more attractive by contrasting its unique
qualities with other competing products. Successful
product differentiation creates a competitive advantage
for the seller, as customers view these products as
unique or superior."[5] Therefore, small businesses that
are able to utilize product innovation effectively will be
able to expand and grow into larger businesses, while
gaining a competitive advantage over its remaining
competitors.[6]
 Brand switching: Businesses that once again are able to

successfully utilize product innovation will thus entice

customers from rival brands to buy its product instead
as it becomes more attractive to the customer.[7] One
example of successful product innovation that have led
to brand switching are the introduction of the phone to
the mobile phone industry (which has caused mobile
phone users to switch from Nokia, Motorola, Sony
Ericsson, etc. to the Apple iPhone).
Disadvantages of product innovation include:
 Counter effect of product innovation: Not all
businesses/competitors do not always create
 products/resources from scratch, but rather substitute
different resources to create productive innovation and
this could have an opposite effect of what the business/
competitor is trying to do. Thus, some of these
businesses/ competitors could be driven out of the
industry and will not last long enough to enhance their
product during their time in the industry.[8]
 High costs and high risk of failure: When a business

attempts to innovate its product, it injects much capital

and time into it, which requires severe experimentation.
Constant experimentation could result in failure for the
business and will also cause the business to incur
significantly higher costs. Furthermore, it could take
years for a business to successfully innovate a product,
thus resulting in an uncertain return.[9]
 Disrupting the outside world: For product innovation to

occur, the business will have to change the way it runs,

and this could lead to the breaking down of relationships
between the business and its customers, suppliers and
business partners. In addition, changing too much of a
business's product could lead to the business gaining a
less reputable image due to a loss of credibility and
consistency.[9]
These are the main benefits of service innovation:
 The profit of any firm depends on the level of satisfaction
its customers or clients experience.
 Satisfaction of existing customers brings in new customers
to the firm and ensures their loyalty. ...
 More customers equate to higher revenue and higher
profits.
  What are the limitations of service innovation?

This study identifies five management deficiencies:

failure to protect services, lack of clear organizational
anchoring, unsystematic innovation process,
inadequate customer involvement, and insufficient
elimination of bad service ideas.
Advantages of Innovative Technology
 Increasing Production. ...
 Easily Accessible. ...
 Increasing Job Opportunities. ...
 Better Communication. ...
 . ...
 A Social Divide. ...
 Making People Lazy. Different Learning Methods. ...
 Disadvantages of Innovative Technology
Technology is considerably increasing effectiveness and
helping businesses across many industries. It helps in
saving lots of time for everyone from automakers to
bakers. Businesses encompassing the latest tools and
technologies can attain a competitive advantage in the
market.
Moreover, technology is making our life very easy. We can
access several things and services by staying at our
home. Whether you need to shop or search for a job, all
these things are available and accessible without leaving
your home
How technological innovation could enhance the job
performance at the work place?
Improve Productivity and Efficiency

With the use of technology in workplaces, organizations

have been able to increase their productivity and efficiency
at a rapid pace. Processes that were once manual and
time-consuming can now be achieved in a quick and
efficient manner with digital tools, applications, and
systems.
You can communicate with people throughout the world
like a universal language. Technology gave us the ability
to communicate without having to travel. The speed and
quality of communication also increase with technology. It
is possible to communicate with anyone, anywhere in the
world.

The institutions of family, religion, morality, marriage,

state, property have been altered. Modern technology in
taking away industry from the household has radically
changed the family organization. Many functions of the
family have been taken away by other agencies.