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In terms of products or services, innovation refers to the development of products or services that create value for which customers are willing to pay. The creation of new products and services is associated with high levels of risk of failure and unpredictability of outcomes. The riskiness of innovation poses distinct challenges to the management of firm reputation. This entry discusses these challenges and then explains the three processes that present innovative firms with distinct opportunities to manage their reputations.
Innovation and Its Reputational Challenges
Innovation occurs through the deliberate application of information, knowledge, or imagination to discover either new or different uses of resources. Novel resources (e.g., new technologies) or novel uses of existing resources (e.g., new business models) generate considerable uncertainty about both the ...
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