Modern business is highly dynamic and an enterprise can continue to be successful only by adapting itself to changes in its environment. A successful firm has not only to adjust itself to changing environment, it must on its own create conditions favorably to survival and growth. The highly competitive nature of modern business puts a premium on innovation and creativity which implies the introduction of new and better products, improved means of production and distribution, new technology, new methods and procedures of management, etc. To resist change is to court disaster. Profits are the result of efficient performance in marketing, innovation and productivity. Innovation results in better and cheaper products and more employment for the society. Innovation is essential for the survival and growth of business. It is through innovations that business firms perform dynamic functions of growth, diversification and change in the economy. the most progressive or excellent companies allocate large amounts of money on research and development for achieving the objective of innovation.
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