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Innovation - Coggle Diagram
Innovation
Analogy
A comparison between objects that highlights similarities between the new product and an existing object
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Analogy can also be used in marketing by creating a connection between the brand and a familiar concept
it's also important to test and validate the effectiveness of the analogy with the target demographic
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Adaptation
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Market analysis
alter existing products
Analysing existing market research to gain insight on pros and cons of existing products to help make the best version
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innovation
Incremental
Incremental innovation refers to the process of making gradual improvements to existing products or services
Radical
Radical innovation refers to the development of new products or services that change the way things are done and create new market/industries
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Meaning
Innovation is the embodiment, combination of knowledge in original, relevant, valued new products, or services
Encouraging and fostering a culture of innovation is important for organizations and societies to stay competitive and improve over time.
Innovation can happen in any field, including technology, business, medicine, and more.
It is often driven by a desire to solve problems, meet new needs, or improve efficiency.
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