Innovation

Improvements or revision of existing products

While innovation might be an element of all of these categories, for example an innovation may allow for the manufacture of a lower-priced product than competitors, most innovations are used to improve existing products. Product innovations are particularly good at sustaining growth and profits in mature industries. For example, the ketchup industry is one such mature industry. Heinz, Inc., owns the majority market share in the industry. Over the past few yea

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Approximate Word count = 613
Approximate Pages = 2 (250 words per page)

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