what is innovation and how does it affect the retailing industry
According to my own understanding of innovation, innovation is any product or service that is perceived to be new by consumers. ... However, an innovation is not easy to succeed. According to ˇ§High Failure Rate of Innovationˇ¨ by David R. ... Stahl also mentions that the payoff for more successful innovation is faster corporate growth and greater profitability. ... Hill agree that ˇ§innovation is the process by which organizations use their skills and resources to create new technologies or goods and services in order to change and response better to the needs of their customers.ˇ¨ I think in every business, whether it employs one person or one million, innovation is more important than any other factors, such as cost control, employee retention, and performance improvement. Now, let me show you two major successful innovations in the retailing industry and how they affect the quality of our lives.