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Collins Dictionary of Business, 3rd ed. © 2002, 2005 C Pass, B Lowes, A Pendleton, L Chadwick, D O’Reilly and M Afferson


the practical refinement and development of an original INVENTION into a usable technique (process innovation) or product (product innovation). Innovation is an important means for a firm to improve its competitive position over rival suppliers by enhancing its PRODUCT DIFFERENTIATION advantages, and for improving MARKET PERFORMANCE (by, for example, lowering supply costs and enhancing product quality). Certain kinds of MARKET STRUCTURE may be more conducive to innovation insofar as they offer better incentives and resources for undertaking RESEARCH AND DEVELOPMENT (see MONOPOLY for further discussion). Innovation can be a lengthy and expensive process. For example, the original invention of the Xerox photocopying process was made in 1948, but it took a further 10 years of development work before the first commercial version of the product was put on the market.

In a more general way, innovation can contribute to faster ECONOMIC GROWTH.


Collins Dictionary of Economics, 4th ed. © C. Pass, B. Lowes, L. Davies 2005
References in periodicals archive ?
Moreover, the concept of 'new product' has also evolved by the application of strategies such as incremental innovation and re-innovation.
how much radical or how much incremental the innovation is, it is unquestionable that radical innovation plays a fundamental role in formatting the market and in the market guidelines; however, companies which intend to work in the bottom of the pyramid market cannot "afford the luxury" to disregard the incremental innovation in the products portfolio (Varadarajan, 2009).
Radical innovation project costs identification is on the other hand much simpler than in incremental innovation projects.
Incremental innovation can also be based on achieving cost reductions through better economies of scale and advancement along the learning curve.
So content and direction affect radical innovations in a completely opposite way from incremental innovations when it comes to customer communication.
For instance, have they favored large or small companies, radical or incremental innovation, product or process innovation, or national or foreign companies?
benefits type of incremental Classification of costs innovation innovation according to the degree according to breakthrough of novelty of innovation the criterion innovations will determine how much of cost was incurred for originality incremental innovation and how much where incurred for breakthrough innovation.
The investment process is described as involving clustering of innovations as the wellspring for the upturn in the trough of a business cycle, Kaleckian adaptation enabling the clustering to become investment bunching leading to cyclical expansion, a subsequent shift to incremental innovation and cyclical contraction, and inevitable crises that trigger business downturns.
The cultural distances have an impact on the development of incremental innovation, but no impact on the development of radical innovation.
Incremental innovation proliferates because many marketplaces are mature and crowded.
Entrepreneurship, its growth, survival and competitiveness are dependent on innovation and in a developing country context on incremental innovation. Incremental innovation is about sourcing, absorbing, adapting and diffusing already available international technologies and related knowledge.

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