Essay on Innovation and Intervention
Added on 2020-06-04
9 Pages2659 Words53 Views
Innovation
Table of ContentsINTRODUCTION ..........................................................................................................................1TASK...............................................................................................................................................1Innovation and intervention........................................................................................................1CONCLUSION................................................................................................................................6REFERENCES................................................................................................................................1.........................................................................................................................................................1
INTRODUCTIONInnovation is defined as a new method, idea or process. In today's business environment,it is very necessary for enterprises to adopt the concept of innovation or something new to itscustomers on continuous basis as this help fulfil the requirements of its customers and at thesame time provide competitive benefit (Van Bommel, 2011). Strategic innovation is anotherconcept which should be implement by enterprises, in this an organisation redesign its strategy orintroduce some variation in it for execute all business operation in an effective way. Innovationand invention and the major benefit between these two terms is all given in this report. Inaddition to this strategic innovation with its seven dimensions is all mentioned under this. TASKInnovation and interventionInnovation refers to new method, device or idea. However it is also known as theapplication of better and new solutions for meet some specific requirements. Further, innovationcan be defined as something more effective that contribute in growth of society. Application ofimagination, information is also come under the concept of innovation (Thun and Hoenig, 2011).Basically innovation is the transformation of a idea into reality. It can be defined as the variationthat add to the product or services to satisfy the needs of customers. InventionInvention is known as unique method, process or composition. It may be a improvementor may be a new process for create an object. Term invention is used for something that hasnever been made before or for the process that has never come into background before.Basically, invention is defined as the process or act of create, discover and design a new methodand process that is nit existed before (Tang and Musa, 2011). One of the main feature ofinventions is that it can be patented as this provide security to the inventor. Large number of people think that innovation and invention both are same but there ishuge difference between these two terms and this can be understood by the points given below:BasisInventionInnovationMeaning This term is use when ideafor a process or process takeplace that has never beenImplementation of idea ormethod for a product forthe first time is known as1
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