Types of innovation

IB Business Management: Types of innovation

Types of innovation (AO2)Innovation can be defined as the commercial of a new idea in order to fulfil existing customer needs or to create an unmet customer wants (desires). There are four categories or types of innovation: product, process, positioning and paradigm. The 4 Ps of innovation, developed by Professors John Bessant and Joe Tidd (2005), are described below:Product innovationProduct innovation involves R&D...

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