Types of Innovation - MIT ID Innovation

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Types of Innovation in Business MITID Innovation
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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.
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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
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Disruptive Innovation
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.
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Product Innovation
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. 
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Service Innovation
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.
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Process Innovation
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.
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Marketing Innovation
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.   
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Social Innovation
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.  
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Social Innovation is primarily accelerated to
improve working conditions, develop the
community, Healthier Population, and render more
education.
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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.
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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.
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Conclusion
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.
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