Innovation in the Service Economy: Novelty in Solutions

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Innovation in the Service Economy: Novelty in Solutions

Authors
  • Judy H. Matthews
Keywords

Abstract

Recent studies show that firms in the knowledge economy develop new services as well as new products, thus providing solutions, experiences and creating value with, as well as for, their customers (Prahalad & Ramaswarmy, 2004). The paper briefly reviews literatures on multiple forms of innovation, including innovation in services. Characteristics of firms undertaking innovation in services are identified and implications for the management of innovation and propositions for future research are developed.

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