Priyam Verma is an intern working on digital marketing at The Sparks Foundation. The document discusses innovation and its importance for businesses. Innovation involves generating and analyzing ideas through gathering data. It helps firms adapt to changes, establish on a large scale, and gradually increase market share. Key components of innovation include building the right team, creating a shared vision, developing a roadmap, and formulating a marketing strategy.

1. NAME : PRIYAM VERMA
Working as an Digital Marketing Intern with The Sparks Foundation
#Grip Feb -2021 ( Batch)
Topic : Article on the topic Innovate

2. Innovation is the process of generating and screening of ideas to
gather data and have a deep analysis of the same. Innovation is
important to have smooth flow and to run the operations of the
business in an effective and an efficient manner and getting the
desired results over a period of time to sustain and grow in the
market. Innovation is important as it helps the firms to adopt to the
rapid changes in the business environment and devise a strategy in
order to cope up with those changes and establishment of the
business on a large scale, creating a positive word of mouth and
gradually increasing the market share. Process of Innovation:
 Idea Generation
 Idea Screening
 Business Analysis
 Product Development
 Commercialization
 Test Marketing

3. Innovation is the need of the hour in the 21st Century and after the
Covid-19 pandemic everyone will have to innovate new methods of
getting the thing done as most of the companies have shifted to
work from home model and most of the workforce can contact each
other through zoom and google meet which reduces their
interactions and they are sometimes not able to arrive at the
concrete decisions. Key Components of Innovation:
 Building the Right Team
 Creating a Shared Vision
 Developing Road Map
 Formulating a Marketing Strategy
 Implementing the Plan