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Modern economies are being continuously challenged by changes in the global economic landscape. Generation of knowledge and the application of that knowledge leads to the rapid development of products, processes and services. The speed of these developments is being driven by more discerning customers and the increase in global markets.
Economies can no longer compete on wage levels, innovation is the key driver for competitiveness for today's global market.
Innovation in business takes four main forms:
- Product - new or improved goods or services
- Process - improved production or delivery
- Organisational - business practices, workplace and external relations
- Marketing - product or service design, packaging, promotion and pricing
