Final answer:
Creativity and innovation enable companies to add value by creating things that never existed before or improving upon things that already exist.
They foster a competitive edge and are essential across various fields, not limited to artistic endeavors but inclusive of practical problem-solving and technological advancements.
Step-by-step explanation:
Both creativity and innovation are not just about artistic expression but are fundamentally forms of intelligence that propel advancements across various fields, leading to the creation of value and the potential for increased profits.
In instances of market competition, creativity and innovation act as incentives for discovering new technologies to achieve cost-effective production or to design products with appealing characteristics to consumers.
The concept of creative intelligence comes into play when individuals invent or imagine new solutions to problems or when they produce work that ranges from practical applications to works of art.
Researchers have identified four creative intelligence styles that include imaginative, intuitive, inspirational, and innovation. These styles differ from each other in one way or another.
For example, the person who devises a way to brew coffee on a camping trip without a coffee pot shows a high level of creative intelligence.