Download - Innovation
INNOVATIONBY:
PARTH RAJ-94
NITESH MISHRA-90
WHAT IS INNOVATION……• INNOVATION IS THE IMPLEMENTATION OF NEW OR SIGNIFICANT
IMPROVED PRODUCT OR PROCESS.
• NEW PRODUCTS, BUSINESS PROCESSES AND ORGANIC CHANGES THAT CREATE WEALTH OR SOCIAL WELFARE.
• FRESH THINKING THAT CREATES VALUE
• APPLICATION OF KNOWLEDGE IN A NOVEL WAY, PRIMARILY FOR
ECONOMIC BENEFIT
WHAT IS INNOVATION…..
INNOVATION IS SIMPLY “THINKING OUT OF THE BOX AND IMPLEMENTING IT”
EXAMPLE…..
MISCONCEPTIONS……1. CREATIVITY2. INVENTION.
• Every invention is innovation but every innovation is not invention
• Invention is conversion of cash into ideas. Innovation is conversion of ideas into cash
• Creativity is thinking new things innovation is doing new things.
• People are creative. Products or processes are innovative
TYPES OF INNOVATION…..
Product Innovation
Process Innovation
Marketing Innovation
PRODUCT INNOVATION…
• INTRODUCTION OF A GOOD OR SERVICE THAT IS NEW OR SIGNIFICANTLY IMPROVED WITH RESPECT TO ITS CHARACTERISTICS.
• NEW PRODUCTS: DIFFERENT CHARACTERISTICS FROM PREVIOUS PRODUCTS
• SIGNIFICANT IMPROVEMENTS: CHANGES IN MATERIALS, COMPONENTS, AND OTHER CHARACTERISTICS THAT ENHANCE PERFORMANCE.
PROCESS INNOVATION….
• IMPLEMENTATION OF A NEW OR SIGNIFICANTLY IMPROVED PRODUCTION OR DELIVERY METHOD (CHANGES IN TECHNIQUES, EQUIPMENT AND/OR SOFTWARE)
• INTEND TO : DECREASE UNIT COST OF PRODUCTION OR DELIVERY INCREASE QUALITY OR PRODUCE OR DELIVER NEW OR SIGNIFICANTLY IMPROVED PRODUCTS
MARKETING INNOVATION…
• IMPLEMENTATION OF A NEW MARKETING METHOD INVOLVING SIGNIFICANT CHANGES IN PRODUCT DESIGN OR PACKAGING, PRODUCT PLACEMENT, PRODUCT PROMOTION OR PRICING
• BETTER ADDRESSING CUSTOMER NEEDS, OPENING UP NEW MARKETS, OR NEWLY POSITIONING A FIRM’S PRODUCT ON THE MARKET INCREASING FIRM’S SALE.
• EXAMPLE: PRODUCT DESIGN OR PACKAGING, PRODUCT PROMOTION ETC.
THANK YOU……
KEEP INNOVATI
NG