Between the company and the significant role that innovation has played in the history of its success, we must analyze in detail what exactly innovation is and what impacts it can have on the economy-wide productivity from an economists point of view, and then furthermore add by an economic doctrine known as ‘ innovative economics’ . The sources of technological progress and the scope of its improvement is also extremely important pertaining to the importance of innovation for Apple Mac. Innovation in literal terminology stands for the introduction of something new and different; it can be related to a product, process, methodology or anything that is not previously present i.
something completely new (dictionary. From the perspective of a firm, it is the application of new methods or the introduction of new ideas that act as an added value for the product, and raise its worth, in terms of its value for the firm, the consumers, and other firms as well. Innovation is categorized into two broad terms by economists: Product innovation is with regards to the introduction of a completely new product or an amendment in an existing product that results in a qualitative change or improve its range; Process innovation pertains to the development and implementation of new and effective processes of delivering goods to the customers and in the provision of services of a firm, an example of this could be the replacement of an old software by a newer, more efficient software that speeds up the process of an Apple Mac.
A few authors also reflect on the third category of innovation, which they refer to as Organizational Innovation which as the name itself suggests is about organizational changes that increase the effectiveness of a business and adds overall value to it.
However, if considered on a wider horizon, it can be classified under product innovation itself, since it is basically a procedural change taking effect within an organization. Furthermore, product innovation can comprise of both tangible goods and intangible services; these can have a great impact on the day to day lives of the people.
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