5.6 Innovation

this involves the 'relocation' or 'reposition' of the customer's perception about a certain product

• Product Innovation

• Process Innovation

• Position Innovation

• Paradigm Innovation

New, marketable products or improvements to existing products to meet or satisfy customer needs and/or wants

• Product Innovation

• Process Innovation

• Position Innovation

• Paradigm Innovation

Is a legal means of protecting an author's work. It is a type of intellectual property that provides exclusive publication, distribution, and usage rights for the author

• Trademark

• Copyright

• Intellectual Property Rights

• Paradigm innovation

Gives its owner the legal right to exclude others from making, using, selling and importing an invention for a limited period of years

• Intellectual property rights

• Patent

• Trademark

• Copyright

A condition or circumstance that puts a company in a favourable or superior business position

• Differentiation

• Competitive Advantage

• Position Innovation

• Product Innovation

Modifications to existing products to create solutions or features to meet the needs of the consumer

• Product Orientation

• Innovative Creativity

• Adaptive Creativity

• Unique Selling Point

a distinctive change in what a business does or in the nature of good/services available.

• Process Innovation

• Product Innovation

• Position Innovation

• Paradigm Innovation

Includes activities that companies undertake to innovate and introduce new products and services. It is often the first stage in the development process.

• Innovation Process

• Research and Development

• Introduction of the Product

• Extension Strategies

A sustainable differentiation point for the product or company.

• Unique Selling Point

• Market development

• Diversification

• Extension strategies

New or different inventions to the market

• Extension strategy

• Adaptive Creativity

• Innovative Creativity

• Product Development