Value innovation is the process of the emergence, maturation and dissemination of these technical ideas, practical application, accompanied by specific economic and social effects. It consists of all phases of technological change, inventiveness (idea), innovation (invention) and diffusion (or dissemination). Main goal of value innovation is creation of new value for customers, stakeholders, employees and suppliers. Value innovation can be linked to the life cycle of the product, which consists of such stages as: introduction, growth, maturity, decline, withdrawal. Carefully watching this product life cycle, especially the first phase, ie the introduction of a new product to the market, we note the final stage of the innovative process of a given product. More precisely, before introducing a new product to the market, this product had to go through a certain path of evolution. This road consists of activities such as:
- research - searching for new services, ideas, products, information
- development - improvement of services, ideas and information products existing at a given moment
- design - translating the requirements into a language understandable to the interested, in a suitable form for use during use or manufacturing
- implementation - introduction of services and products to the market
Each of above mentioned stages adds value and improves profitability of the company.
- Chan Kim, W., & Mauborgne, R. (2005). Value innovation: a leap into the blue ocean. Journal of business strategy, 26(4), 22-28.
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