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1.0 Introduction 1.1 Innovation management and objectives Innovation is defined as the process of making improvements by introducing something new. It could be a product, process or technology which they need to be managed appropriately to achieve the desired outcome. This product, process or technology has to be new in that its cost is lower which means more profits (figure 1); its attribute is improved and has a new attribute that never had before. The new technological and market knowledge can support and strengthen the activities that the organisation must perform in order to offer the new product. Hence innovation management is a significant characteristic of any invention and it has an enormous effect on the economy of the business. (Figure 1) 1 Most successful organisations have at one time or the other used a new knowledge to offer new products or services that that customers want. An inappropriate managed approach to innovation could...

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