Product Innovation
Content
Definition
Product Innovation is the development and market introduction of a new, redesigned, or substantially improved good or service, differentiating a company from its competitors.
Usage and Context
Product innovation creates and introduces new or significantly improved products.
Frequently asked questions
- What is the meaning of product innovation? Product innovation refers to the development and introduction of new or significantly improved products or services.
- What is product development and innovation in marketing? Product development and innovation in marketing involve creating and introducing new or significantly improved products or services to meet market demands.
- Is an innovation a new or improved product? Yes, innovation can refer to both new products and significantly improved existing products.
Benefits
Product innovation introduces new or significantly improved products to the market, driving growth and competitive advantage.
Conclusion
Product Innovation introduces new or improved products to drive growth.
