Answered Essay: Innovation and invention are two processes that drive business development. Compare

Innovation and invention are two processes that drive business development. Compare and contrast the two processes.

Expert Answer

Innovation- Innovation means creativity for the modification of existing products or process .

Example -LED bulb, organic LED and cathode ray TV ,LCD TV then LED TV.

Invention- Invention means something which is totally new . Invention is depend on to some extent scientific temper.

Business development is totally depend on Invention and Innovation. Through Invention or Innovation marketers creats markets and customers base for their products.Invention provides new taste and new experience to society .

These are the Compare and contrast of two processes

Innovation Invention
1)Adding value to something already exists. Creation of new products or idea.
2) Innovation will be marketing skill or strategic skill that required for market extension. Scientific skills that leads to invention.
3) Innovation creats market for existing products. 3) Invention which is total new for customers . Invention comes with new products.
4) Innovation is on going process. Invention is an intellectual proces
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