You are the CEO of Hindustan Pencils Pvt. Ltd., India’s leading manufacturer of pencils and stationery items under popular brands like Nataraj and Apsara. Established in 1958 in Bombay (now Mumbai), the company has long dominated the traditional writing tools market.

Challenge: With the increasing adoption of digital devices and e-learning tools, the use of traditional stationery is steadily declining.

Your Task: To ensure the company stays relevant and competitive in the evolving market, list and briefly explain all possible types of innovation that can be applied. You may use the innovation types discussed in class. (5 marks)