Enhancing Understanding of Innovation from an Industry Perspective: This analysi

Enhancing Understanding of Innovation from an Industry Perspective: This analysis explores the different aspects of the generation of new products and services, as well as the various indispensable factors, such as thorough market research and strategic collaboration, that can substantiate the value of an innovation and push it to the edge of commercial viability. The book further explores the universal conundrum of innovation and how marketing and management elements profoundly influence the conceptualization and deployment of new goods and services. The book extrapolates the framework of value creation to a wide range of innovations, including radical and incremental innovations, technological and process innovations, and a variety of innovations from start-ups to large multinationals. Discussion topics include initial concept formation and screening, consumer needs and preference assessment, outcome forecasting, product and program launch and improvement, and realizing innovation in business.
Based on the background: For more than a year, countries, businesses, and individuals across the globe have been struggling to cope with the effects of the Covid-19 global pandemic. There is no doubt that the pandemic has taken a huge human and economic toll. In addition, in the eyes of many, it has accelerated the pace of people’s integration into the digital revolution, a full decade ahead of the previously predicted trajectory.
Write a paper of approximately 500 words: Can you elaborate on the impact of the pandemic on the service industry?