TYPES OF INNOVATION

 Innovation is the way of transforming the resources of an enterprise through the creativity of people into new resources and wealth. It relates to renewal or improvement and this takes place when people change the way they make decisions or make choices outside their norms.

This leads to new product categories as well as increasing productivity.

There are a variety of innovations which include the following;

1. Business model innovation

This involves changing the way the business is done in terms of capturing value, for example WBS Vs Bukedde television, MTN Vs Warid Telecom, e.t.c

2. Marketing innovation

This involves the development of new marketing methods with improvement in product design, packing, product promotion or pricing.

3. Organizational innovation

This involves the creation or alteration of the business structures, practices and models and may therefore include process, marketing and business model innovation.

4. Process innovation

This involves the implementation of new or significantly improved production or delivery method.

5. Product innovation

It involves introduction of a good or service that is new or substantially improved, for example improvements in function characteristics, technical abilities, ease of use, e.t.c.

6. Supply chain innovation

This is where improvements occur in the sourcing of inputs from suppliers and delivery of output products to consumers.

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