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