The document discusses different types of innovation including organizational, process, product, and marketing innovation. It provides examples for each type. Organizational innovation refers to changes in business practices or workplace organization. Process innovation improves production or delivery approaches. Product innovation introduces new or improved goods/services. Marketing innovation develops new strategies around product design, packaging, pricing, or promotion. Innovation is important for continuous improvement, reinforcing brands, responding to competition/trends, having a unique selling point, and using social media. Creativity involves generating imaginative and valuable new ideas through problem solving.