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4. Theory questions: Describe the 4P (product, position, paradigm and process) Innovation management framework. Provide examples.

4. Theory questions: Describe the 4P (product, position, paradigm and process) Innovation management framework. Provide examples.

Principles Of Marketing
Principles Of Marketing
17th Edition
ISBN:9780134492513
Author:Kotler, Philip, Armstrong, Gary (gary M.)
Publisher:Kotler, Philip, Armstrong, Gary (gary M.)
Chapter1: Marketing: Creating Customer Value And Engagement
Section: Chapter Questions
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4. Theory questions: Describe the 4P (product, position, paradigm and process) Innovation management framework. Provide examples.
Transcribed Image Text:4. Theory questions: Describe the 4P (product, position, paradigm and process) Innovation management framework. Provide examples.
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Introduction

Innovation Management Strategy is a form of business strategy that deals with managing product, process, and service innovation. To sustain in the market, businesses have to regularly invest in Research and Development activities to come up with innovative ideas.

These ideas have to be transformed into reality in order to take advantage of the form of increased market share and revenues. This process of managing the transformation of an innovative business idea into reality is known as an Innovation management strategy.

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