Product Innovation vs Product Development
|
Factors |
Product Innovation |
Product Development |
|---|---|---|
|
Definition |
It involves creating a new product or a significant improvement to an existing product. |
It involves turning an idea into reality and bringing it to market. |
|
Objective |
The primary goal of product innovation is to introduce novel ideas and features to gain competitive advantages and address evolving customer needs. |
The primary goal of product development is to create new products or enhance existing ones by optimizing their features, performance, and quality while meeting market demands. |
|
Focus |
It is focused on the creation process and idea generation. |
It is focused on practical implementation and implementation of those ideas. |
|
Risk |
Higher risk is associated with product innovation due to the uncertainty of market acceptance. |
It involves lower risk as the product is built upon the existing knowledge and technology. |
|
Resource Requirement |
It requires significant resources for market research, development, and testing. |
It requires resources for designing, engineering, developing, and marketing. |
|
Uncertainty |
This involves a higher level of uncertainty as it involves exploring new paradigms. |
This involves less uncertainty as it involves building a product based on defined milestones, existing knowledge, and technology. |
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