Innovation Concepts

An idea which allows a business to growth is a

Adding value to products means a product increases in value due to inflation rates.

Blue sky thinking is when you look at an approach with tunnel vision.

Wallas Theory includes preparation, incubation, verification and illumination.

Return on investment is based on whether an organisation gets money back they invested in developing a product.

The USP of an organisation can be a benefit.

Lateral thinking is a direct approach to thinking.

Making improvements to products is a

Smarter working revolves around increasing the amount of time to manufacture products and serving customers.

De Bono Six hats is when a person sees a business approach from different perspectives.

Serendipity is based on a planned event that happened to a business person.

Innovation can be product and process based.

Cultural issues can include an organisation not considering any dietary needs and religious holidays.

Intuition is when a business person knows why something needs to be done and uses a creative approach.

Exploiting a business idea is when a manager organises a team efficiently to complete an objective within a set budget.