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Product innovation is the creation and subsequent introduction of a good or service that is either new, or an improved version of previous goods or services. This is broader than the normally accepted definition of innovation that includes the invention of new products which, in this context, are still considered innovative.
This sense of service innovation is closely related to service design and "new service development". Innovation in service processes – new or improved ways of designing and producing services. This may include innovation in service delivery systems, though often this will be regarded instead as a service product innovation.
Measuring innovation is inherently difficult as it implies commensurability so that comparisons can be made in quantitative terms. Innovation, however, is by definition novelty. Comparisons are thus often meaningless across products or service. [78]
The products developed by an commercial organisation provide the means to generate income. Many technology-intensive organisations exploit technological innovation in a rapidly changing consumer market. [2] A product can be a tangible asset or intangible. A service or user experience is intangible. In law, sometimes services and other processes ...
Technological innovation: is a continuous process, within an internal or external venture, build-out to create value with innovation; starts with the ideation process and ends up with the commercialization of a viable product or service, in response to a proven market need;
Innovation management helps an organization grasp an opportunity and use it to create and introduce new ideas, processes, or products industriously. [2] Creativity is the basis of innovation management; the end goal is a change in services or business process.
The decades platform, which brought back five of the brand's most in-demand nostalgic menu items, generated strong product innovation, brand excitement, and exclusive merchandise for loyalty members.
"Product Servitization" is a transaction through which value is provided by a combination of products and services in which the satisfaction of customer needs is achieved either by selling the function of the product rather than the product itself, by increasing the service component of a product offer, or by selling the output generated by the product. [18]