Why is innovation a key component of a managers job in todays business environment *?

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Why is innovation a key component of a managers job in todays business environment?

It fosters growth: Stagnation can be extremely detrimental to your business. Achieving organizational and economic growth through innovation is key to staying afloat in today's highly competitive world.

Why is innovation important to the manager's job?

Innovation and sustainability are essential in a managerial job. For instance, innovation enables the manager to generate new ideas with product diversification in the market. Besides, the development of ideas enables an organization to become competitive compared to other firms in a similar industry.

Why is innovation important in the workplace?

Innovation is vital in the workplace because it gives companies an edge in penetrating markets faster and provides a better connection to developing markets, which can lead to bigger opportunities, especially in rich countries.

What is the role of the unit manager in creating an environment conducive to innovation?

The role of the unit manager in creating an environment conducive to innovation is described with reference to continuous improvement and innovation of the unit. The processes, actions and approaches necessary to create an environment conducive to innovation are recorded in the plan.

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