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Regardless of the industry, most brand managers would agree that product life-cycle management is just as vital today as it was fifty years ago. Yet the challenge has always been how to create and sustain a brand or product's longevity. And, it should be no surprise that the answer remains the same; now as it was then; innovation. Unless a company, product or brand is constantly evolving and being reinvented in new and relevant ways, while maintaining its brand essence and brand promise, it will die.

There is yet another equally important reason why innovation is so necessary in today's global economy and beyond. It is a key to economic growth! "It is so widely recognized that innovation is a key driver of economic growth that it is cliché to say so," writes Daniel Lederman in the February 2009 issue of Policy Research Working Paper, "The Business of Product Innovation."

The three levels of innovation discussed in this article have spanned, and will continue to span, across all generations. From the Silent Generation of the 1930s and 40s to the Millennial, Net-Gen or Y Generation of today (1980 to the present), innovation is what catapults one generation into the next.

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