Week 2:the Importance And Meaning Of Innovation

Week 2: The importance and meaning of innovationThis week, you look at the scope of innovation and, by doing so, gain an understanding that innovation goes beyond new products. In fact, after reading this week’s journal articles and viewing the video resource, you will come to appreciate that innovation is as applicable to services and processes as it is to products.Many of the existing organisations provide new and innovative products. For example, mobile company leaders launch a newer version of the company’s smartphones. Similarly, if you look at television advertisements for automobiles, the word ‘innovation’ is used often to highlight the importance of innovation to a particular industry that seeks to maintain and grow market share through the introduction of newer designs and features to its products.However, the importance of other sectors to national economies cannot be overlooked. For the purposes of consistency, you will use the word ‘processes’ to define how organisations manage themselves. This management includes the human resources, marketing, operations and financing functions of an organisation. Innovation within processes also adds value to what an organisation does.In the following week, you will explore the sources of innovation. Having an understanding of the nature and