By Rutgers Business School - Newark & New Brunswick on youtube.com
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Innovation is the lifeblood of any organization. It enables companies to adapt to market and technology changes, survive recessions and create whole new market opportunities. Innovative companies generate higher profit margins, higher stock values and they create more jobs. Innovation management is a system composed of four development processes: new product development, new capabilities development, new business development and new strategy development. These processes involve multifunctional teams working together to define, design, develop and launch new products.