What Is Innovation State Two Innovations That Has...

Question:1 What is Innovation? State two Innovations that has revolutionised the current market in the last decade? The process of translating an idea or invention into a good or service that creates value for which consumers will pay is called an innovation, an idea must be replicable at an economical cost and must satisfy a specific need. Innovation involves deliberal application of information, imagination and initiative in deriving different values from resources, and includes all processes by which new ideas are generated and converted into useful products. In a social context, innovation helps to create new methods for alliance creation, joint venturing, flexible work hours, and creation of buyers purchasing power. Explorer inflatable Craft: Placing jet boat power unit on one of the world’s most reliable and serviceable car engines is the kind of smart thinking that has led an innovative Kumeu company to the verge of major international expansion. Smoked chicken leg just the meal Leading poultry producer Tegel Foods was keen to expand its export markets but first it had to extend the shelf life of its products to overcome the impact of long-distance travel from New Zealand. Question:2 Explain the difference between Invention and Innovation? Which do you consider the most important and why? Invention: Invention is creating a product or introducing a process for the first time. Thomas Alva Edison Is an inventor of electric bulb. Innovation: Innovation isShow MoreRelatedMarketing Design and Innovation2988 Words   |  12 Pagesand the Development over time 6 Current Market Scenario 10 Customer Segmentation 10 Price Differentiation 11 Market Segmentation 11 The Future Outlook 12 Conclusion 12 Bibliography 13 Executive Summary An attempt has been made through this paper to understand the evolution and development of televisions from the marketing perspective. This paper discusses the shortcomings which were noticed by manufacturers which initiated a chain of constant innovation and improvement. It also gives usefulRead MoreMarketing Design and Innovation2997 Words   |  12 Pagesanalysis and the Development over time 6 Current Market Scenario 10 Customer Segmentation 10 Price Differentiation 11 Market Segmentation 11 The Future Outlook 12 Conclusion 12 Bibliography 13 Executive Summary An attempt has been made through this paper to understand the evolution and development of televisions from the marketing perspective. This paper discusses the shortcomings which were noticed by manufacturers which initiated a chain of constant innovation and improvement. It also gives usefulRead MoreThe Jet Engine2094 Words   |  9 PagesDiscuss how the jet engine revolutionised the world of commercial aviation and how future innovations will continue to shape the industry. 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