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MARKETING: STRONG BRAND BENIFITES SAHAR ABU HALEMEH Business administration, University of the people Marketing management:
the difference between Invention and innovation Dr. Joy Akahome December 14,2023
2
Everyone is aware that permanence is a rare concept in our dynamic world, encompassing both products and technology. Continuous enhancements and advancements in technology occur regularly, giving rise to fresh inventions and innovations across various aspects of life. Invention
involves the development of entirely new products or devices. In contrast, innovation
entails modifying existing products or processes by introducing novel methods or ideas (Stefan, 2023).
Innovation
, by its very definition, is the conversion of an idea into actuality. Essentially, it can be defined as a modification that enhances the value of products or services, addressing the customers' needs (Georgina, 2021). From my perspective, innovation encompasses the introduction or advancement of new products, processes, technologies, or services, or the enhancement/redesign of existing ones to meet the evolving demands of the market.
Likewise, the term 'invention'
is characterized by the action of conceiving, methodically, uncovering a device, crafting, or process that has never in existence before (Surbhi S, 2017). Thus, it is evident that invention can manifest as a novel approach to producing a product or an enhancement of an existing product, or even the creation of an entirely new product.
Down below is a summary of the differences between invention and innovation.
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Invention
Innovation
The
Definition Generation of an idea for a product or process that has not been brought into existence previously
Execution of an idea for a product or process for the first time, enhancing the value of something already in
existence.
To What?
Development of a new product.
Enhancement of something already in existence.
The idea
Formulation of an original idea and its theoretical workings.
Practical implementation of a novel idea.
Skills required
Application of scientific and experimental expertise.
Utilization of marketing, technical, and strategic expertise.
Occurrence
Its emerges when a new idea is conceived by a scientist or inventor.
It takes place when there is a demand for a product or an improvement in an existing product.
Concern
Focuses on a single product or process.
Involves a combination of various products and processes.
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