Innovation is an important topic in the study of economics,
business, entrepreneurship, design, technology, sociology, and
engineering. Colloquially, the word "innovation" is often synonymous
with the output of the process. However, economists tend to focus on
the process itself, from the origination of an idea to its
transformation into something useful, to its implementation; and on
the system within which the process of innovation unfolds. Since
innovation is also considered a major driver of the economy,
especially when it leads to new product categories or increasing
productivity, the factors that lead to innovation are also
considered to be critical to policy makers. In particular, followers
of innovation economics stress using public policy to spur
innovation and growth. Those who are directly responsible for
application of the innovation are often called pioneers in their
field, whether they are individuals or organizations.
is the process by which companies create customer interest in
products or services. It generates the strategy that underlies
sales techniques, business communication, and business
development. It is an integrated process through which companies
build strong customer relationships and create value for their
customers and for themselves.
Innovation is a change in the thought process for doing
or the useful application of new inventions or discoveries.
Innventions must usually go through a process of testing and
certification to be accepted on the market. A patent is also
important to protect the innovation.
is the commitment of money or capital to purchase financial
instruments or other assets in order to gain profitable returns
in the form of interest, income, or appreciation of the value of
consulting indicates both the industry of, and the practice
of, helping organizations improve their performance, primarily
through the analysis of existing business problems and
development of plans for improvement.
consists of the process of transforming something into a product,
service or activity which one may then use in commerce. Commerce
involves trade and aids to trade which help in the exchange of
goods and services.
in the context of represenation of a company can be done
through, for example, being the managing direktor, member of the
board, responsable for development and change, investments etc.
In the field of commerce, the
specialist area of Business Development comprises a number of
techniques and responsibilities which aim at attracting new
customers and at penetrating existing markets. Business development
involves evaluating a business and then realizing its full
potential, using such tools as: marketing, information management
and customer service. Small to medium-sized companies often do not
establish procedures for business development, instead relying on
their existing contacts. Or people in such companies may assume that
because they know people in high places that this will solve any
business-development problems and that somehow new financial
transactions will come to them. Such thinking can have significant
ramifications if one cannot exploit those relationships, which very
often remain personal or weak.