Topic—-Dynamics of Innovation .
que—-Why is innovation described as a process? Why Is innovation important to the growth and sustainability of a
company?
Expert Answer
Innovation is nothing but making new and advanced changes to its products, services, marketing strategies etc. which can help in gaining competitive advantage.
Innovation is described as a process because business take necessary decisions by planning, analysing and implementing activities that result in innovative changes. The three core elements of innovation strategy formulation are: –
Strategic analysis – This is the first step in identifying the space where innovation can be done and how it can be beneficial.
Strategic
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