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INNOVATION. by Mind Map: INNOVATION.

1. Innovation.

1.1. An innovation is the implementation of a new or significantly improved product.

1.2. Or process, a new marketing method, or a neworganisational method in business practices, workplace organisation or external relations.

1.3. FEATURE OF INNOVATION

1.3.1. A new or improved product is implemented when it is introduced on the market.

2. Economics of Innovation.

2.1. Types of innovations.

2.1.1. • introduction of a new product or a qualitative change in an existing product.

2.1.2. • process innovation new to an industry.

2.1.3. • the opening of a new market.

2.1.4. • development of new sources of supply for raw materials or other inputs.

2.1.5. • Creation of new market structures in an industry.

2.2. Product innovation.

2.2.1. Product differentiation.

2.2.1.1. by targeting new markets and by influencing demand for existing products.

2.2.2. Organisational structure.

2.2.2.1. can affect the efficiency of innovation activities, may improve the co-ordination, planning and implementation of innovation strategies.

2.2.3. Competitive positioning.

2.2.3.1. firms innovate to defend their existing competitive position as well as to seek new competitive advantages.

3. Main types of innovatio.

3.1. Innovation.

3.1.1. Product.

3.1.1.1. is the introduction of a good or service thatis new or significantly.

3.1.2. process.

3.1.2.1. is the implementation of a new or significantly improved productionor delivery method.

3.1.3. Marketing.

3.1.3.1. is the implementation of a new marketing method involving significant changes in product design or packaging, product placement, product promotion or pricing.

3.1.4. Organsational.

3.1.4.1. can be intended to increase a firm's performance by reducing administrative costs or transaction costs.

4. Sectorial and regional aspects of innovation.

4.1. Services.

4.1.1. Innovation activity in services consists of a series of incremental changes in products and processes.

4.2. Regional.

4.2.1. Regional differences in levels of innovation activity can be substantial, and identifying the main characteristics and factors that promote innovation activity.