From the course: Management Tips

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Finding targets for innovation

Finding targets for innovation

From the course: Management Tips

Finding targets for innovation

Innovation is all about coming up with new things that create value for your customers, and your organization. Unfortunately, lots of people have a myopic view of innovation. When you hear the word innovation in conversation, someone is almost always talking about a product or a service. Product and service innovations are great. But I want you to start thinking bigger. There are actually five main targets for innovation. Products, services, processes, technologies, and business models. Products and services are the classic focus for innovation. We create new versions of existing products, and sometimes completely new products. Services might be for a fee, or sometimes they are free. And they might be stand alone services, for example, an auto body shop. Or they might be bundled with the product. For example, consider different levels of customer service support that might be sold with certain technical products. In any event, since these tend to be our main revenue generators, we…

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