One way a business can achieve innovation is by determining what type of innovation they would like to happen. This sets the course for where an organization needs fixing or wants improvements. Innovation can be varying degrees of incremental or radical but their aim determines what type of innovation it is.
- Product Innovation, the introduction of a new or improved goods that are either created new or improved in some way.
- Business Model Innovation, entails innovations in business strategy, marketing, value creation, pricing or cost structures.
- Service Innovation, when companies provide services to customers, just like product inventions would be sold to customers.
- Process Innovation, which focuses on performing known tasks or processes in new or changed way for more efficiency.
- Technological Innovation, that aims to reinvent the underlying technology of existing or new products, processes or services.
- Organizational Innovation, such as structure changes, improved management and communication frameworks and practices.
- Social Innovations, that strive to solve problems that society faces without necessarily focusing on a business advantage.
- Marketing Innovation, when significantly new approaches are used to package, communicate benefits or reach a customer target group.
- Green Innovation, where the output focuses on new and sustainable products, means of production or resource use.
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