Innovation Management
Peter Drucker has written, "Business has only two basic functions: marketing and innovation. Marketing and innovation produce results. All the rest are costs." We go even further to state that innovation in marketing is also essential. Therefore business has only one basic function -- innovation. Innovation is the basis of all competitive advantage: the means by which organizations anticipate and fill customer needs and the method by which organizations utilize technology. Innovation either endows resources with a new capacity to create wealth or creates a new resource. Innovation is the process of implementing new ideas, of turning creative concepts into realities.
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