This week's resources have highlighted not only the importance of innovation, but also the scope and range of this concept.This Key Concept Exercise is designed to allow you to demonstrate your understanding of the value and opportunity that innovation brings to organisations. Before embarking on this Key Concept Exercise, please read this week's journal articles and view the video resource.To prepare for this Key Concept Exercise:• Read the Required Learning Resources for Week 2. ( see it below page no.2) • Consider the importance of innovation.• Reflect upon how innovation applies to products and services.To complete this Key Concept Exercise:In an approximately 500-word response, address the following issues/questions:• Analyse the importance of innovation for organisations.• In formulating your Key Concept Exercise, consider the following questions:• Why it is important for organisations to be innovative?• Why it is necessary to acknowledge that innovation applies not only to products, but also to services and processes?