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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.


References in periodicals archive ?
Human capital, structural capital, customer capital, organizational capital, innovational capital and process capital, which is considered to be the composition of structural and organizational capital (Van Buren 1999);
Table 2: Pearson correlation for relationship between learning and innovational performance.
The program touches on a number of major themes, such as familiarizing with the concept of customer service and its elements, characteristics and dimensions of service quality, its standards and problems of achieving them, in addition to measuring services quality from the perspective of customers and career, as well as methods of developing innovational and creative thinking to improve services.
Projects include the award-winning 3M Buckley Innovational Centre as well as the new sports centre taking shape at the ring road.
Innovational Outliers (10): These are additions to the random shock series e: an 10 affects the output series [P.
In achieving organisational development and excellence, the role of a successful entrepreneurial and/ or intrapreneurial leader is important and the leader has to be a powerful one who can communicate and inspire by appropriate means, the level of competence necessary to influence a group of individuals to become willing participants in the fulfillment of innovational goals (Darling & Beebe, 2007).
The president also wanted to premier innovational design.
As a company we use games technology to create real innovational value to sectors like retail and tourism and traditionally that has been delivered on a mobile phone.
Research infrastructure is crucial for innovational systems based on knowledge.
Reasonably reflecting public and collective needs in organizational innovations, the innovational situation stipulates the purposes for management of this process, which may be disaggregated at various features.
Personally, I'd really look into the Coursera innovational approach to get started on a rewarding career.
133) that the "right" innovational choices are done "without any particular deliberation, unconsciously, and without precisely identifying his reasons to himself.

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