Managing Innovation and Entrepreneurship unit 1 and 2 imp
1️⃣ Definition & Types of Innovation ✅ Definition of Innovation Innovation means introducing a new idea, product, process, or method that creates value for customers and business. It is not only invention. Invention = creation of new idea Innovation = practical use of that idea Innovation helps businesses grow and compete in the market. ✅ Types of Innovation 1. Product Innovation 4 Introduction of new or improved products. Example: Electric cars Smart watches AI-based apps Role: Attracts customers and increases sales. 2. Process Innovation 4 Improvement in production or delivery methods. Example: Automation in factories Online ordering systems Role: Reduces cost and improves efficiency. 3. Organizational Innovation New management practices or work structures. Example: Remote work Flexible work culture Role: Improves employee performance. 4. Marketing Innovation New marketing strategies to promote products. Example: Social media marketing Influencer campaigns Role: Increases ...