Innovation Definition Business Tutor2u

A business with a single product or limited product range would almost certainly benefit from innovation.

Innovation definition business tutor2u. Assuming that they are effectively marketed that should result in higher sales and profits building a product range. By definition better quality products and services are more likely to meet customer needs. Discovery often associated with small subtle changes to the characteristics and performance of a product. The oxford english dictionary defines innovation as making changes to something established invention is the act of coming upon or finding.

To enable it to exploit economies of scale better quality by definition better quality products and services are more likely to meet customer needs. Follow tutor2u on twitter tutor2u tutor2u econ 18. New markets and synergy demand. Jim is a well known business writer and presenter as well as being one of the uk s leading educational technology entrepreneurs.

A brief introduction to the role of innovation in business. Jim co founded tutor2u alongside his twin brother geoff. 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. The concept of innovation is covered in this revision presentation.