Escolar Documentos
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Nikita Kocharekar
MMS/15/HR
*Meaning of Innovation
*Levels of Innovation
*Types of Innovation
*Theory of Innovation
*Drivers for Innovation
* Also, traditionally the focus has been on new products or processes, but
recently new business models have come into focus, i.e. the way a firm
delivers value and secures profits.
* a new product,
* a new process,
* opening of new market,
* new way of organizing the business
* new sources of supply
1. Incremental innovation
Incremental innovation seeks to improve the systems that already exist, making
them better, faster cheaper.
2. Process innovation
Process innovation means the implementation of a new or significantly improved
production or delivery method.
4. Service innovation
Service Innovation can be defined as a new or considerably changed service
concept, client interaction channel, service delivery system or technological
concept that individually, but most likely in combination, leads to one or more
(re)new(ed) service functions that are new to the firm.
6.Sustainable innovation
Eco-innovation is a term used to describe products and processes that contribute
to sustainable development.
7. Frugal innovation
Frugal Innovation is about doing more with less. Entrepreneurs and innovators in
emerging markets have to devise low cost strategies to either tap or circumvent
institutional complexities and resource limitations to innovate, develop and
deliver products and services to low income users with little purchasing power.
8. Blue ocean innovation
Blue Oceans represent the unknown market space, i.e. all the industries not in
existence today. Blue oceans are defined by untapped market space, demand
creation, and the opportunity for highly profitable growth. In blue oceans,
competition is irrelevant because the rules of the game are not set.
9. Radical innovation
Radical innovations (sometime referred to as
breakthrough, discontinuous or disruptive innovations) provide something new to
the world that we live in by uprooting industry conventions and by significantly
changing customer expectations in a positive way. Ultimately, they often end up
replacing existing methods / technologies.