Innovation are broken down into three general categories: product, process, and marketing innovation.
Explanation:
Product innovation: The development of a new product, an improvement of the existing product and a new feature to an existing product.
Drivers of product innovation might be technological advancements, changes in customer requirements, or outdated product design.
This innovation is generally visible to the customer and should result in a greater demand for a product.
Process innovation: Henry Ford’s invention of the world’s first moving assembly line.
Marketing innovation: Amazon found a new channel through technology by eliminating the traditional retail distribution channel and developing direct relationships.
