subject: Product Development

Innovation is the practical implementation of ideas that result in the introduction of new goods or services or improvement in offering goods or services. ISO TC 279 on innovation management proposes in the standards, ISO 56000:2020 to define innovation as "a new or changed entity creating or redistributing value".

a) Explain why it is necessary to view innovation as a management process. (10 marks)

b) Justify the reason wrong with the popular view of innovation in which eccentric scientists develop new products? (5 marks)

c) Justify the reason an open innovation approach helps firms? (5 marks)