This is what Peter Drucker said about "innovation".
Innovation is an important function of a business. It has to innovate to provide for different needs of the customers.
It is not enough for a business to just provide a product or service. It has provide better and more cheaply. It is not necessary for a business to grow bigger, but it has to grow better.
Innovation may result in a lower price, but it may also result in a new and better product, a new convenience, or a new want.
Innovation results in a different product or service, and creates a new potential of satisfaction. It may be to find a new use for an old product.
Innovation is not invention.
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