Innovation in Business: Definition, Need and Impact on McDonalds

This presentation explores the concept of innovation and its impact on business operations, focusing on McDonald's as a case study. It defines innovation, differentiates it from mere good ideas, and emphasizes its importance for modern companies to maintain competitiveness. The presentation discusses how innovation drives efficiency, revenue, and overall organizational improvement. It also addresses the potential negative impacts of innovation, such as reputational risks and resource allocation challenges. The conclusion reinforces innovation's critical role in sustaining success in competitive industries like the fast-food sector, suggesting that McDonald's can leverage innovation to maintain its market position. The presentation supports its claims with several scholarly sources published in the last five years, providing a comprehensive overview of innovation's multifaceted role in business.