Concept of Innovation
• Process that involves multiple activities to
uncover new way to do things
• Introduction of new goods
• Introduction of new method of production
• Opening of new market
• New source of supply of raw materials
• Carrying out of a new organization
Types of Innovation
• Break through Innovation
• Technological Innovation
• Incremental Innovation
Classification of New Product
1. From consumer view point
Discontinuous innovation
Dynamically continuous innovation
Continuous innovation
2. From firm’s view point
New technology or new market