WRITE AN ESSAY DISCUSSING THE WORD INNOVATION. Literature & Language (Essay Sample)

INNOVATION
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Introduction
Many terms can describe the meaning of innovation, but in simple terms, innovation means to use or create something that is new in situations like businesses, science, politics and others. Innovation has become a slogan that many people use in different contexts to avoid misunderstanding.
According to Ditchel et al., innovation is the best way of introducing a new process or product to the market. Innovation constitutes the first economic effects of technological advance on its environment. Another perception of innovation includes the element of time which defines innovation as the process of creation to market entry and the market diffusion. Further explanation of the term includes aspects of commercial acts such as organizational design, processes, products and development of new resources and markets.
Most authors agree that the term innovation deals with the introduction of new processes and products that differ from the previous products. An example is using computers in regarded as a common practice in large firms, but smaller firms regard this as a new thing. It is important to consider the process related approach when dealing with new products and innovations. According to Hauschildt (1993, p.5), the common definitions of innovation are characterized by four dimensions that attempt to answer some questions.