Whois & Analysis for absolutemarketsinsights.com

Innovation can be defined simply as a "new idea, device or method".

However, innovation is often also viewed as the application of better solutions that meet new requirements, unarticulated needs, or existing market needs.

This is accomplished through more-effective products, processes, services, technologies, or business models that are readily available to markets, governments and society.

The term "innovation" can be defined as something original and more effective and, as a consequence, new, that "breaks into" the market or society.

It is related to, but not the same as, invention.

Innovation is often manifested via the engineering process.

The opposite of innovation is exnovation.

Market research is any organized effort to gather information about target markets or customers.

It is a very important component of business strategy.

The term is commonly interchanged with marketing research; however, expert practitioners may wish to draw a distinction, in that marketing research is concerned specifically about marketing processes, while market research is concerned specifically with markets.

Economic growth is the increase in the inflation-adjusted market value of the goods and services produced by an economy over time.

It is conventionally measured as the percent rate of increase in real gross domestic product, or real GDP, usually in per capita terms.

Market segmentation is the process of dividing a broad consumer or business market, normally consisting of existing and potential customers, into sub-groups of consumers (known as segments) based on some type of shared characteristics.

In dividing or segmenting markets, researchers typically look for shared characteristics such as common needs, common interests, similar lifestyles or even similar demographic profiles.

The overall aim of segmentation is to identify high yield segments – that is, those segments that are likely to be the most profitable or that have growth potential – so that these can be selected for special attention (i.e. become target markets).

Forecasting is the process of making predictions of the future based on past and present data and most commonly by analysis of trends.

A commonplace example might be estimation of some variable of interest at some specified future date.

Prediction is a similar, but more general term.

Both might refer to formal statistical methods employing time series, cross-sectional or longitudinal data, or alternatively to less formal judgmental methods.

Usage can differ between areas of application: for example, in hydrology the terms "forecast" and "forecasting" are sometimes reserved for estimates of values at certain specific future times, while the term "prediction" is used for more general estimates, such as the number of times floods will occur over a long period.