Innovation is the biggest challenge in the business world. It has wide implication in terms of developing better quality product, rendering customer centric service, maintaining environmental balance and ecological system, ensuring ethical business practices and growing the business through amalgamation or diversification and channelizing resources for exercising social corporate responsibility which will eventually benefit the community at large. Because of innovation, there is availability of upgraded and useful product, process, services, technologies and ideas which are better accessible to markets, governments, and society. Since liberalization and structural reform in Indian economy, there is significant increase in innovation in business world for surviving in the competitive market and replenishing the product portfolio for making it more appealing to the consumer who has obtained plethora of options to go for. The service delivery mechanism has also gone through massive metamorphosis to reach out to consumer. In the 21" century, under the WTO regime people across the world has gained the opportunity to voice their concern and liberty to select the service which will serve the purpose and ensure value for consumer's expense. Complacency about product manufacturing and distribution is a thing of past for the business entity because consumer has turned out to be the King. So product and process innovation is order of the day to gratify the customer and building a towering image with quality concern and customer relationship management.
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