Wikipedia simple definition of innovation is "to renew or change.” The Shorter Oxford Dictionary (cited in Hayes, 2002) defines change as the “substitution or succession of one thing in place of another.” Von Stamm (2008, p. 1) posits that “creativity and innovation are [often] used interchangeably.” Von Stamm (2008 p. 2) goes on further to say that “creativity is an essential part of innovation.” Innovation has been described by Boak citing West et al (2003, p17) as “the introduction of new and improved ways of doing things at work” and the process of “applying ideas, processes, products, or procedures, which are new to the people and places where you are introducing them (Boak 2010). Adair (2007, p. x) ups the ante when he states that “innovation calls for a special form of creativity.” Adair (2009, p. 17) states “to innovate means . . . to bring in or introduce something new.” Adair (2007, p .x) points out that innovation is the key to winning and keeping leadership in world markets.” Von Stamm (2008, p. xi) posits “innovation, creativity and design are . . . amongst the most frequently used words in business
Alongside the entrepreneur spirit, Innovation is the process of taking new ideas and implementing them into the market. Key word being “new”, an innovation can be sometimes viewed as the application to better solutions that meet new demand-requirements, inarticulated needs or existing market needs. Innovative ideas range from: goods, services, products, processes, services, technologies or ideas that create value for which customers will pay for. For an idea to be an innovation, it must be replicable at an economical cost and must satisfy a specific need. This means is that one must be ready and willing put their new idea to the test. On the other hand, there is recognition that “innovation is also critical to cultural, environmental, social, and artistic progress as well” (Bullinger, 2006). With this stated, high-tech innovation is ultimately the reason why we can be thankful for the many new conveniences of the 21st century. Although we might see the forefront of innovation being very prominent in today’s world, innovation is truly nothing new. From the start of modern man times, innovative ideas have paved the way for civilization to advance and develop into what we are today and at the same time, we have barely begin to chip away at the tip of the iceberg of our true human potential. Some scholars believe that innovation is a
I would define innovation as the ability to apply this creative thinking to an existing product, solution or approach that improves the outcome of a solution to a problem or usefulness of a product. Innovation is the ability to put creative thoughts to use in a way that is beneficial to a person, product, object, problem or situation. .
B. the reduction in the amount of inventory needed by manufacturing firms due to technological improvements in inventory management.
Innovation is a term I’ve frequently heard in the realm of business and technology implying new and or different methods leading to
Innovation is an idea that must be cost-effective and must gratify a precise need. Innovation includes careful application of information, imagination and creativity in stemming greater or different values from resources, and includes all processes by which new ideas are generated such as brainstorming and converted into useful products.
My personal philosophy of innovation encompasses many ideas. It is not only thinking outside of the box, but questioning why the box is even necessary. It is about creating opportunity out of disappointment, being open to different, and unafraid of being vulnerable. It is about breathing, living, and embodying the change that you want to see in the world and exploring new paths in achieving that change. Innovation is being courageously defiant in the face of the universe shouting “You can’t” and replying with a resounding “Watch me”.
Innovation is the actual use of nontrivial change and improvement in a process, product or system that is novel to the institution developing the change.
Innovation is normally used to denote the process that takes place when a product or a process is developed, from idea to market; the concept of invention only denotes the process that takes place when new ideas or solutions are generated. Baumol (2002) argues “is it possible to have lots of inventions and still lack innovations. Nevertheless, inventions are a necessary precondition for innovation”.
Innovation is a term that is so widely used and thought of as simple inventions, but it is truly so much more. Innovation is a complex thought process of new ideas that can be implemented for the betterment of many. Change and adaption within any environment is the foundation of innovation and identifying its sources make it easier to implement innovation. The easier it is to foster an innovative environment and inject innovation; a positive impact on a business is instantly seen
Innovation refers to finding new ways to improve the existing products, services, processes, technologies, and employee performance in an organizational setup. In today's competitive business environment, organizations have to focus on bringing innovation in each and every aspect of their business operations; like products or service offerings, enterprise resource planning systems, marketing and promotional efforts, and organizational structure. The market challenges and competitive pressures also force organizations to use a blend of all these innovation processes in their business activities. Therefore, it is vital to give an equal focus on product innovation, process innovation, marketing innovation, and organizational innovation within the limited organizational resources and capabilities.
Innovation is not a single activity; it is a process. For businesses, innovation means fresh ideas, developing new products or services and its effective processes. Innovation can be key to any business or company in the future. Bringing innovation into your business can help you save time and money and gives you the competitive advantage needed to grow your business.
Tidd et al (2000) states, “the innovation is a business process of revolving opportunity into new ideas and of putting these into widely used practice. In term of the nature, there are five major types of innovations: novelty, competence shifting, complexity, robust design and continuous improvement. While in term of the extent of change, innovations can be divided into incremental, radical and
The brand identity can used to drive and guide strategic initiatives throughout the firm, to differentiate the firm’s products and create a competitive advantage, to drive the committed to customer, to support the firm’s values and culture, and to support an easier protection of the brand (Danciu, 2010). Apple’s good brand identity strategy has provided supports to its unique position and its products in the global market. Apple has ranks as the top ‘Luxury Brand’ in China and many people are desired to own the products of Apple due to its luxury identity (Kedmey, 2015). Even though Apple has charge high prices for its products to customers, but customers are willing to buy as it provide innovative and better quality of products in terms of privacy, systems, application, and functions which easy to win the customer’s respect and loyalty. The distribution and retail strategy of Apple made it successful (Denning, 2011). There are four main distribution channels for Apple of its products, which are an online store, its retail store, direct sales, and third party wholesalers, which are easy to distribute its products to consumer. The store of Apple is intensive to control the ways that employees interact with customers, scripted training for on-site tech support, and consideration of every store detail down to the pre-loaded photos and music on demo devices. It also creates a carefree and
The word ‘innovation’ is derived from Latin word ‘innovare’, which means “to change something to new”. In other words, we may say that ‘innovation’ means changing the regular way of doing things and involves doing the regular things in a novel way.