Product innovation is the creation and subsequent introduction of a good or service that is either new, or improved on previous goods or services of its kind. This is broader than the normally accepted definition of innovation to include invention of new products which, in this context, are still considered innovative.
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Product innovation is defined as:thing
| “ | the development of new products, changes in design of established products, or use of new materials or components in the manufacture of established products[1] | ” |
Thus product innovation can be divided into two categories of innovation: development of new products, and improvement of existing products.
New product development describes the complete process of bringing a new product or service to market. There are two parallel paths involved in the process: one involves the idea generation, product design and detail engineering; the other involves market research and marketing analysis.
This includes, but is not limited to, improvements in functional characteristics, technical abilities, or ease of use.