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Innovation is a multifaceted concept. It's not just about inventing something completely new, but also about understanding the changes happening around us and adapting to them. This could mean modifying an existing product or service to better suit the changing needs and preferences of consumers, or altering business processes to become more efficient or effective in a changing market environment.

For example, McDonald's, a fast-food chain, has innovated by introducing healthier menu options and digital ordering systems in response to changing consumer preferences and technological advancements. Macy's, a department store, has adapted to the rise of online shopping by improving its e-commerce platform and offering in-store pickup for online orders.

Innovation, therefore, is about staying relevant and competitive in a constantly changing world. It requires a deep understanding of the market, the ability to anticipate future trends, and the agility to adapt quickly and effectively.