The term innovation refers to all business activities resulting in improvement of existing goods or services, the introduction of new goods and services or modernisation of the organisation structure, the production process or the marketing strategy. Innovations can be either technological or non-technological. Technological innovation deals with the introduction of new or improved products and services or the introduction of new or improved production processes. Non-technological innovation refers to modernisation of the organisation structure or the marketing strategy. Product innovation refers to technologically new or obviously improved products or services.
Back to article