Innovation, Entrepreneurship, and SMEs in tourism pt 1

innovation

the fundamental impulse that sets and keeps the capitalist engine in motion comes from the new consumers, new goods, new methods of production or transportation, the new markets, the new forms of industrial organization that capitalist enterprise creates

what is innovation?

the specific instrument of entrepreneurship…that act that endows resources with a new capacity to create wealth 

sustaining innovation 

improvements to existing products or services, enhances performance and satisfies current customers, helping businesses maintain their competitive edge

breakthrough innovation

major advancements that significantly alter industries or create entirely new markets, provides radical solutions that redefine user experiences and industry standards, leading to substantial growth opportunities

disruptive innovation

innovations that create new markets or transform existing ones, addresses unmet needs and offers solutions for overlooked customer segments, often leading to market upheaval

basic research 

fundamental scientific research aimed at advancing knowledge, lays the groundwork for future innovations by exploring unknown areas, which can lead to transformative applications and technologies

categories of innovation

product innovation, organizational innovation, process innovation, logistical innovation, market innovation

product innovation

new products and services for tourism, this involves creating new or improved products or services that offer enhanced value to customers

organizational innovation 

new forms of organization and management, this focuses on new ways of organizing business practices, structures, or management processes to improve efficiency and effectiveness

process innovation

new ways of making tourism known or what are the processes that tourists have to go through. This refers to improvements in the methods of delivering products or services, often aimed at increasing efficiency or quality 

logical innovation

new way of supplying products/services or approaching the supply chain, this involves improvements in the apply chain and distribution processes that enhance the delivery of products and services

market innovation 

new ways of marketing and working with consumer behavior, this entails new approaches to marketing and sales that target customers more effectively or tap into new markets