It is difficult to find a global definition for the term “innovation,”

as it takes many forms. Organizations such as Google and the Virgin Group have succeeded in highly competitive industries due to their ability to provide some form of innovation.

This could be obvious innovations of products or services, such as the move from black-and-white televisions to today’s flat screens. Innovation could also be in improved customer service and manufacturing. Toyota led the way in improving its production of automobiles, an innovation that has been adapted by many manufacturing organizations globally.

It has been argued that there are four key approaches to defining a new product innovation. Discuss the importance of each of the approaches identified below, with examples.

a. Firm-oriented

b. Product-oriented

c. Market-oriented

d. Consumer-oriented