Innovation

1. What does it mean to innovate?

For me the term "innovation" means to improve or to enhance the existing product or service for getting better results both from the customer and for the company. So it can be defined as: "The effective generation and implementation of a new idea, which enhances overall, organisational performance. Innovation revolves around or is based on three basic factors creativeness, distinctiveness and impact. For e.g.: innovation in the 4th generation technology in mobile phones or introduction of iMac is a very good example for successful innovations at the same time with the invent of nuclear energy there came an innovation in constructing the mass destructive nuclear weapons which I think in the mankind is worst innovation ever made.

Based on various industries in the world viz; construction, hospitality, manufacturing, services industry etc there could be different types of innovations involved in various departments of an organisation. Product, finance, marketing, process, administration, etc.

In today's world keeping up to demands and expectations of the customers is very important to survive in the competitive market therefore being innovative is not only important but is also the need and necessity of the hour.

2. If consumers are unwilling to embrace new products/services that impose a high degree of change, does this mean that companies should only introduce products/services that are similar to existing products/services?

If customers are unwilling to embrace the product/service then the companies should try and find out the wants and expectations of the customers. In today's competitive world Customers are always considered to be the king of the market, therefore the products or services can't be forced on them. For a product or a service of a company to be successful it should cater the needs, wants and desires of the customers it is going to serve. Using right marketing and promotional strategies to create the demand and then to live up to it is also part and parcel for a product/service to be successful.

It may not necessarily mean that the company should introduce products/services that are similar to existing products or services, what it means is that the company's research and development department should do a thorough study of the existing market conditions, demands and wants of the consumer and then accordingly design or redesign a product or a service.

3. Is it always just a matter of time and, so long as you are patient, innovative products/services will always eventually