BUS2001_Session_02_slides_v3_LMS

Innovation

The creation of something that improves the way we live our lives, which can include new products or services, better ways to interact, or simply solving problems.

Disruption

The act of changing or displacing established routines and structures, often resulting in innovation.

Unique Value Proposition

A statement that describes the unique benefit or advantage a product or service offers to its customers.

Incremental Innovation

Improvements made to existing products or services without fundamentally changing their value proposition.

Disruptive Innovation

Innovations that significantly alter the market landscape or value proposition, often rendering existing products or services obsolete.

Reverse Innovation

Development of innovative products in developing countries before spreading them to developed nations.

Creativity

The ability to generate new and valuable ideas in any activity.

Barriers to Innovation

Factors that inhibit creative thinking and innovation within an organization, such as lack of communication or risk aversion.

Organizational Innovation

Improvements made not only to products or services but also to the structure and processes of an organization to foster a more innovative environment.

Business Model Innovation

Innovation that involves redefining how a company creates and delivers value to its customers.