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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 ?
The creation of tall buildings, development in infrastructure, disrespect of parents, creation of sects in Muslims, innovational inventions, and the knowledge that will give no benefit, all are the symptoms of the Day of Judgment.
The agreements reached will enable Rosneft to ensure technical designing and manufacturing in Russia of innovational products for maintaining safety of company's projects.
Corruption in offices enters through the innovational route also.
They are essential in gaining a full view of a company's innovational activity.
While he prides himself on his innovational and outstanding dedication to patient care, it is his crusade to eliminate avoidable blindness around the world and his selection for induction into the Global Medical Missions Hall of Fame that makes us all proud.
31260553) and the Graduate Programs for Innovational Research founded by the Guangxi Provincial Department of Education (No.
In addition to strengthening local production facilities and the development of a global presence, the group has its focus on increasing its innovational power."
We employ both an additive outlier (AO) test with an instantaneous single mean shift and an innovational outlier (IO) test in which the shift occurs over time.
Following [19], two common types of outliers, that is, additive (AO) and innovational (IO), will be considered.
The primary aim of this special issue is for authors from diversified scientific disciplines to accomplish their high-quality research goals that seek recent developments and innovational techniques on iterative methods and their dynamics for nonlinear problems under consideration.
Wireless capsule endoscopy and balloon-assisted enteroscopy are innovational diagnostic tools in this era.

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