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Introduction Innovation can be defined as "...the management of all the activities involved in the process of idea generation, technology development, manufacturing and marketing of a new (or improved) product or manufacturing process or equipment. (Trott P, 2005)" Innovation is usually misinterpreted as company's think only new products can be an innovation, but this is only one type of innovation. The product doesn't necessarily have to be new, and neither does it have to be a product. A product which has been improved or improvised or even a service can be an innovation. Also, the difference between invention and innovation needs to be established. Invention is "an innovation that is both novel and non-obvious." (www.novagraaf-intellectual-property.co.uk/glossary.htm, 2007). There are millions of inventions in a year but innovation involves getting the product/service into the market place and to a certain target audience. This essay will first outline the advantages of innovation and how...

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