Product and Process Innovation
- Levels: AS, A Level
- Exam boards: AQA, Edexcel, OCR, IB, Other, Pre-U
Innovation is about putting a new idea or approach into action.
Innovation is commonly described as 'the commercially successful exploitation of ideas'.
Successful innovation is mainly about creating or adding value. It does so either by:
- Improving existing goods, processes or services (process innovation), or by
- Developing goods, processes or services of value that have not existed previously (product innovation)
However, both kinds of innovation require a business to:
- Challenge the status quo in a market
- Have a deep understanding of customer needs
- Develop imaginative and novel solutions to how those needs might be met
Innovation can come in many forms:
- Improving or replacing business processes to increase efficiency and productivity, or to enable the business to extend the range or quality of existing products and/or services
- Developing entirely new and improved products and services - often to meet rapidly changing customer or consumer demands or needs
- Adding value to existing products, services or markets to differentiate the business from its competitors and increase the perceived value to the customers and markets
Whatever form it takes, innovation is a creative process. The ideas may come from:
Inside the business – e.g. from employees, in-house designers, sales staff
Outside the business, e.g. suppliers, customers, media reports, market research insights or from contacts at local universities or other research organisations
Successful innovation comes from filtering those ideas, identifying those that the business will focus on and applying resources to exploit them.
You Might Also Like
2nd October 2016
13th September 2016
9th September 2016
6th September 2016
27th May 2016
19th May 2016
25th April 2016
More From the Digital Store
Editable worksheets that that enable students to practice all elements of the quantitative and data analysis skills required by the AQA A Level Business Year 1 (AS) teaching content.
Two practice exam papers (with supporting mark schemes) for each of the two Edexcel A Level Business Year 1 (AS) papers.
Much cheaper & more effective than TES or the Guardian. Reach the audience you really want to apply for your teaching vacancy by posting directly to our website and related social media audiences.