Innovation is anything that is new and significantly improved product (good or services) or new organizational/marketing method in business or external relations.
Many of the companies work to be more innovative than the other, a recent survey states that 85-90 percent of businesses believes that innovation is a priority for them. According to the management experts; if an established organization is not able to innovate it faces decline in growth and will lose their position in the market
‘’get innovative or get dead’’
There’s a misconception that innovation only exists in small companies but large companies have to follow the same criteria of innovation to survive, one example of which is the Toyota Company