Innovation: Importance, Comparison with Invention, Organizational Vision, 4P's, Frugal Innovation, Business Case, Intellectual Property

INNOVATION

Introduction
 In context of business, Innovation refers to the process of making
business workflows, product, services or process more effective and
efficient.
 It also means implementing new ideas, creating dynamic product or
services or improving the existing goods or services so as to attain
higher competitiveness level in the market place over other rivals

Innovation and its significance in comparison
with Invention
 The term “Innovation” simply means converting a productive idea into
effective goods or services that leads to create value for target audience or
which customer is willing to pay.
 Basically it means coming up with creating ideas of doing similar things in
unique or innovative manner.

Difference between innovation and invention
Innovation Invention
It deals with novelty and
modernization
It is mainly concerned with
developing and creating something
exceptionally new
Innovation is a modern idea that can
applied to current or existing
situation.
It can only be assessed or felt by
potential buyers
It is a consolidation of different
product, services or process.
It only deals with single product or
process.
It requires technical and managerial
skills
It requires scientific skills