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What is innovation? - Coggle Diagram
What is innovation?
Claims
Crucial to the success of an organization, for social progress
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Business functions allow for innovative change - the four are:
Operations management
Marketing
Accounting & Finance
HR
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Strengths
Create a culture of innovation rather than it being just up to one person - must happen by strong support sytems in place
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Globalization - quicker to communicate, free trade
Description
New ideas, to improve or replace, can be products or processes, introducing new techniques.
Essential for long term market share.
Continuous innovation is crucial
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