Final answer:
Product innovations introduce new goods or services to customers, while process innovations are new methods for an organization to operate more efficiently or effectively. Process innovations can lead to increased efficiency and profits but may not always be patentable.
Step-by-step explanation:
Product innovations create new goods or services for customers, whereas process innovations create new ways of doing things in an organization. Process innovations involve the implementation of new or significantly improved production or delivery methods. This can include changes in techniques, equipment and/or software. Companies may implement such innovations to increase efficiency, reduce costs, improve quality, or produce products more cheaply. Leaders in innovation, like Samsung, understand that it can lead to a temporary competitive advantage and the potential to earn above-normal profits. For example, an innovative method of organizing a factory or a new employee training system could be considered a process innovation, despite not being patentable like certain product innovations or technological inventions.