innovation and development

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Innovation and Development Table of Contents Table of Contents 2 Introduction 3 Definition of Innovation 3 Role of innovation in organization and business 4 Discussions 5 Theory of Innovation 5 Changes in the demands of the customer needs and wants 6 How Development of New Products Changed Due To Situational Changes 8 Analysis 9 Findings 10 Conclusion and recommendations 11 References 13 Introduction In this age of stiff economic downturn and tough competitive scenario, the definition of innovation is changing at a rapid pace.


Innovation is the only strongest weapon that helps an organization or an entrepreneur to develop a strong identity in the market among other rival players. Other than this, it might also be used to develop a huge brand image and equity in the market so as to retain its sustainability in the market among others. Side by side, innovation also acts as the latest buzzword among the corporate organizations such as Google, Apple Inc, Procter & Gamble that helps these companies to remain in the headlines of the newspapers and business articles. Due to which, the reputation and fame of the organization also gets enhanced to a certain extent as compared to others. This might be possible only by gratifying the changing requirements and demands of the customers by presenting them varied types of inventive solutions or products. Thus, innovation is the development or creation of new products, services and technologies that might fulfil the changing needs of the market as well as improve the competitive image of the organization. ...
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