The concept of technological innovation is a technical activity to improve existing or create new products, in the production processes or service methods. Major technological innovations will lead to fundamental changes in the socio-economic system. The connotation of technological innovation is defined as: Enterprise utilise the knowledge of technologies and new technologies, new application innovation, adopting new production methods and management modes to improve product quality, developing and producing new products, providing new services, occupying the market and realizing market value. Innovation can be applied to product renewal or the design of new processing technologies. The process of translating an idea or invention into a good or service that creates value or for which customers will pay. In business, innovation often results when ideas are applied by the company to further satisfy the needs and expectations of the customers.
Market spending trends has drastically changed. Innovation is the key priority to promote your products or service. Businesses must take into consideration on products concept, think out of the box with innovation ideas, cultural background, individual behaviour, group behaviour, life situation and Market research. The process of branding the products or service and personalise it, is a process that need to be consider too. How to manage, adapt and the process it. Innovation is important for its survival and can help the business remain competitive in changing markets.
Business Model Innovation is the rationale of how an organization creates, delivers, and captures value, in economic, social, cultural or other contexts. That is, the introduction of new business models innovation and creating value for money to customers and themselves. In layman's terms, business model innovation is referring new effective ways for companies making money. The newly introduced business model may be different from the existing business model in terms of components or may be different from the existing business model in terms of inter-element relationship or dynamic mechanism.
A business model is a company's plan for making a profit. It identifies the products or services the business will sell, the target market it has identified, and the expenses it anticipates.
The process of business model construction and modification is also called business model innovation and forms a part of business strategy.
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