GENERAL KNOWLEDGE

Detailed explanation-1: -These are innovations like electricity or the car, which don’t merely make existing products better but change fundamentally what’s possible within that innovation space. The reason paradigm innovation is so important is not just that it enables economic growth, but that it creates new wealth.

Detailed explanation-2: -It helps organizations differentiate themselves from the rest by implementing different innovative marketing, production, and sales strategies. It helps companies fight uncertainties and stay relevant in times of adversities. It helps organizations grow in complex situations such as the COVID-19 pandemic.

Detailed explanation-3: -Position innovation creates a “change in the context in which the products/services are introduced” or positioned in the marketplace, thereby changing the perception of consumers, according to Tidd and Bessant.

Detailed explanation-4: -The four P’s of Innovation include paradigm, process, position and product.