Here are different Types of Innovation in Business, you can use for boosting the company's conversion rate or brand value. To know more details, visit us at : https://mitidinnovation.com/recreation/types-of-innovation-in-business/

1. Types of Innovation in
Business
MITID Innovation

2. Innovation in business is defined as the
implementation and development of new
procedures, products, services, and ideas with
the objective of boosting the company's
conversion rate or brand value. Innovation
acts as a crucial role in driving economic
growth for businesses. As we all see, the
advent of Netflix came as a small-scale
business, and now its market value stands at
$32.9 billion.

3. It will happen not only with the advent of
something new but getting it out into the
market also proves profitable. Here are
different Types of Innovation in Business

4. Disruptive innovation refers to that a
concept, services, or products that build a
fresh and creative value network, no matter
in a new or well-established market.
Clayton Christensen is a famous business
consultant, academic, and professor behind
this incredible Disruptive Innovation
concept. This types of innovation gives
more power to turn non-customers into
customers.
Disruptive Innovation

5. Product Innovation is considered one of the
highly-talked and most common approaches
to improvements in the product's attributes
and performance. However, product
innovation can be entirely a new product that
you have never been seen before, like the
fidget spinner.
It is an amazing way to improvise the
product's quality and reliability or productively
survive your position in the marketplace.
Product Innovation

6. Service Innovation is defined as a new and
improved service concept for a process or
product in an existing or new marketplace.
Mainly, it can help in improving the delivery
procedure and latest solutions in the
customer interface.
The biggest thing behind a successful
business is the ability to make their
customers satisfied and easily access your
services that meet the needs.
Service Innovation

7. Process Innovation is defined as the
execution of new or improved production or
delivery approach. However, it might be
indirectly related to the company's services
and products, likewise a support function
process. It can be done by implementing
improved strategies and the latest
technologies that save efforts, time and
effectively improve customer experience.
Process Innovation

8. Marketing Innovation proves one of the
highly recognized innovations in the business
world. The prime purpose of Marketing
Innovation is to open new markets' gateways
and boost the market share for businesses.
A Creative Innovation of Marketing allows
you to enhance customer relationships so
that you do not even expect. Marketing
Innovation is quite unique from other
marketing approaches used by enterprises.
Marketing Innovation

9. Social Innovation is a new concept or
technological invention that targets meeting
social requirements in a much-improved
manner than existing solutions. It is quite an
innovative solution that can be served or
either funded by commercial or public
entities.
Social Innovation

10. Social Innovation is primarily accelerated to
improve working conditions, develop the
community, Healthier Population, and
render more education.

11. Innovation gives you an understanding
of the endless opportunities you can
attain in the dynamic business
environment. Most business wants to
spend on latest disruptive technologies,
but these Creative Innovations results in
small but continuous improvements
in innovation in entrepreneurship.

12. The innovative nature among students
should be promoted, and it can only be
enhanced when guided by the right
institution. So, if you are looking for the
right institution that imparts the right
skills to make your career drive towards
success, then MIT ID Innovation is
where you should be.

13. MIT ID Innovation Programme curates
knowledge and experiences that
challenge the very paradigm of evolution.
And that's why we have set out to define
the future of industries, communities,
cities and ecosystems. MIT ID Innovation
offers the best Courses in Innovation
and Design Thinking.
Conclusion

14. We’d love to
hear
from you.
MIT INSTITUTE OF DESIGN
Rajbaug,, Loni-Kalbhor, Pune-412201
innovation@mitid.edu.in
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