• 🌟 Definition: Innovation means adding something new to business, such as improving a product or process to outshine competitors.
• 💡 Fun fact: Think of innovation like adding a twist to your favorite recipe. By adding a new ingredient, you make the dish even tastier!

• 📱 Product Innovation
  • Creation of a new product or enhancing an existing one.
  • Example: Flat-screen TVs or the newest iPhone models.
  • Focuses on the "what" a company offers.
• 🔄 Process Innovation:
  • Improvements in manufacturing or service delivery.
  • Example: The Just-In-Time (JIT) system that minimizes inventory.
  • All about the "how" things are done.

💼 Service Innovation: This covers both product and process innovation.

• E.g., Tracking your Amazon order's journey online. 

• Adaptive Innovation:
  • Minor changes to existing products or processes.
  • Think of it as evolution - small, gradual improvements.
  • Example: Companies allowing employees to work from home during the Covid-19 pandemic.
• Disruptive Innovation:
  • A big breakthrough that shakes up an entire industry.
  • Example: Budget airlines transforming travel habits in the 1990s. Suddenly, international travel became affordable!