UoPx Core Innovation Development Process in A Company Question

I’m trying to learn for my Management class and I’m stuck. Can you help?

1.Why is it important for a company to have well-defined steps to strategically manage its innovation development process?

2..Provide an example of the benefits of a formal process and some of the pitfalls that may be encountered with an informal process, or no process at all.   

3. How do formal process  and informal processes work in everyday life.