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produces a product or service that is new to it, or uses a method that is new or original'. From this it can be gathered that innovation is not always something that is invented but can be anything that ?adds value' to an existing product as perceived by the market. There is also a relationship between process and product innovation, which vary along with the industry life cycle. For example Utterback (1994: vii), states that ?innovation in an industry is a process that involves an enormous amount of uncertainty, human creativity and chance'. Having said that, it has been proven that there are patterns of successful industrial innovation that have emerged over time...
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