Innovation
2007/// Filed in: Marketing
Innovation is identifying consumer needs, and satisfying them with goods or services in a new, creative, and insightful way that generates a profit. The main sources of innovation are 1) customer needs, and 2) technological developments. Both are essential.
Peter Drucker points out that the secret of innovation is not to try to predict the future. The secret is to be able to react more quickly to market opportunities, based on a deep understanding of the present. In his seminal book "Innovation and Entrepreneurship" (1985) he stated this as predicting the future that has already happened.
It is also important to note that innovation is not invention. Innovation is a marketing concept while invention is an engineering concept.
References:
[1] Doyle, "Marketing Management & Strategy"
[2] Chong, "International Marketing Study Guide -- U.London (External)"
[3] Drucker, "Innovation and Entrepreneurship"
Peter Drucker points out that the secret of innovation is not to try to predict the future. The secret is to be able to react more quickly to market opportunities, based on a deep understanding of the present. In his seminal book "Innovation and Entrepreneurship" (1985) he stated this as predicting the future that has already happened.
It is also important to note that innovation is not invention. Innovation is a marketing concept while invention is an engineering concept.
References:
[1] Doyle, "Marketing Management & Strategy"
[2] Chong, "International Marketing Study Guide -- U.London (External)"
[3] Drucker, "Innovation and Entrepreneurship"