PROCESS INNOVATION is when new> ways to produce goods and services are developed. This is often used to decrease cost of production.

PRODUCT INNOVATION is the improving of existing goods and services, or the development of completely new goods and services.

DEMAND-PULL is when innovations are made to meet a need or want of consumers. (In other words, meet the demands of the people.)

DISCOVERY-PUSH is when innovations are developed from discoveries or experiments.