Frequently Asked Questions (FAQs) on Product Innovation vs Product Development
1. What is the Product Invocation Charter (PIC)?
Product Innovation Charter (PIC) is a document developed by senior management to enlist the company’s new product strategy. It lists the resources required to start the project, project objectives, and guidelines.
2. What are the key performance indicators to measure product innovation?
Some of the key performance indicators are actionable ideas, costs, cultural impact, projected profitability, and actual profitability.
3. What is the main risk of product development?
The main risk of product development is that there is a high chance that the project starts with what the customer wants but ends up with what the developer wants.
4. Why is product innovation difficult?
Some of the reasons include lack of skill, cultural challenges, and lack of capability to innovate.
5. What is open innovation?
Open innovation means ideas and contributions come from customers, employees from all areas, and professional idea developers.
Difference Between Product Innovation and Product Development
Product Innovation is the process of creating and introducing new and improved products to the market. While Product Development is the process of taking a product from idea to market. This article focuses on discussing the difference between Product Innovation and Product Development.
Table of Content
- What is Product Innovation?
- What is Product Development?
- Product Innovation vs Product Development
- Conclusion
- Frequently Asked Questions (FAQs) on Product Innovation vs Product Development