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Discuss the concept of innovation in management. How can organizations foster a culture   of innovation?

Discuss the concept of innovation in management. How can organizations foster a culture   of innovation?

Understanding Business
Understanding Business
12th Edition
ISBN:9781259929434
Author:William Nickels
Publisher:William Nickels
Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment
Section: Chapter Questions
Problem 1CE
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Discuss the concept of innovation in management. How can organizations foster a culture

 

of innovation?

Expert Solution
Step 1: Define the term "Management":

Management is the process of planning, organizing, leading, and controlling coffers, including people, finances, and accouterments, within an association or a specific design to achieve destined pretensions and objects efficiently and effectively. It involves making opinions, setting precedences, allocating coffers, and coordinating conditioning to insure that an association or design operates easily and successfully.

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