Definition of Innovation: -
Innovation can be defined as an original or brand new concept or product, which is infringed in the market or community, irrespective of the field of application.
In general terms, innovation offers a better process of implementing the tasks. It offers effective solutions to meet with the latest demands articulated by the consumers or an existing market trends. Innovation may be implemented through new products, technologies, services or concepts within the persisting markets or societies. It varies from the concept of improvement in the sense that it refers to the creative concept of executing something, rather than accomplishing the same task in a better way.
Textbooks on Innovation: -
With the growth of digital technology, it has become easier to access the functional electronic books amply available on the internet. However, if you find it hard to choose the best book that offers you best knowledge, here are some of the major textbooks on innovation marketing are as follows:
- Innovation in marketing, new perspectives for profit and growth, Levitt Theodore, 1962.
- Product innovation and product innovation marketing, Kaiser Ulrich, 2001.
Examples of Innovation: -
There are mainly two types of measures for innovation even though there are no standardized policies:
Example 1: Organizational level:
The organizational level of innovation concerns, individuals, assessments at team level, as well as private companies from the tiniest till the largest of companies. Monitoring the innovative measures of business organization or firm can be successfully directed through a series of workshops, surveys, internal benchmarking or consultants.
Example 2: Political level
In the case of a political level, innovation measures tend to be more concentrated on the regional aspects; attaining desirable competitive advantage through innovation. This can be measured via the several evaluation frameworks.
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