What is Product Innovation?

What is Product Development?

Product innovation is the process of creating a new product or improving the existing product to meet customer’s needs. It involves introducing new features, ideas, or designs that add value and differentiate the product in the market. Product innovation can result in delivering new products to the market.

It helps companies to stay relevant in the market and continue improving over time.
It involves introducing new features, novel ideas, or designs that add value to the customers and differentiate the product from the existing offerings in the market.
Successful product invocation requires a combination of market research, customer insights, creativity, technological expertise, and effective product management.
It aims to streamline operations, increase productivity, and enhance overall efficiency.

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.