UNIT-I: Innovation – Basic Definition and Classification 1. Innovation Easy Meaning Innovation means introducing a new idea, product, service, process, or method that creates value and improves business performance. Example Online shopping apps Digital payment systems Electric vehicles Definition Innovation is the process of converting creative ideas into useful products, services, processes, or business models that create value. 2. Classification of Innovation Innovation can be classified into four major types: A. Product Innovation Development of a new product or significant improvement in an existing product. Example Smartphones with AI features Electric cars Benefits Better customer satisfaction Increased sales Definition Product innovation refers to the introduction of new or significantly improved goods or services. B. Process Innovation Improvement in production or delivery methods. Example Automated manufacturing Online order ...
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