What Is Product Innovation? Why Does It Matter And How To Get It Right?

TAGS

Innovation,

POSTED

June 1, 2021

Evolution is a very necessary component for an organisation of any kind. A company that wants to stand out in the market, regardless of the niche in which it will be inserted, will need at some point to bet on Product Innovation otherwise, it will be massacred by the competition. So, let's know more about it!

 

What is Product Innovation?

Product Innovation is the development of new goods or services to be launched in the market. It can also be an improvement in the functions and assignments of an existing product.

The idea is to gain space with pioneering changes, which may or may not involve high technology. Often, a simple and organic idea can be very innovative and attract consumers' attention. Without a doubt, it is a necessary step that must be taken to remain active in the market. 

 

Types of Product Innovations

There are 3 types of Product Innovations:

  • Radical Innovation: It consists of innovative ideas, high risk, considerable investment and market changes. 
  •  Incremental Innovation: It is based more on the continuous improvement of concepts, in which a product is improved gradually with low risk and short-term results.

An example of incremental innovation is the screens of computers and TVs, which have been modified over time and are extremely thin with 4K resolution. This process was gradual at first but essential for the technology sector. 

  •  Disruptive Innovation: It is developing a highly new solution, which breaks tradition and does not become obsolete. A classic example is the movie streaming platforms.

Netflix, for example, displaced the entire video rental market, and even the downloads pirates, because the service is quite affordable.

And how do you know which type of Product Innovations to bet on? Unfortunately, there is no rule, and it is necessary to evaluate very well what are the characteristics of your product and the audience.

 

Use of Product Innovation in the industry

Product Innovations are significant for the success of any industry. But the path from the idea to the execution of a new product, process or business model also harbors challenges.

The development of ideas into new products, processes, or business models is critical in any industry. It goes through creative phases but should still be integrated into tight process management. Targeted management and a wide variety of methods can make this  process more effective and efficient.

Just by implementing Product Innovation, a technologically new product will differ significantly from all the products previously produced in the industry.

 

Scope of Product Innovations in career

Think outside the box. We hear that we need to think out of the box, be creative, develop innovative ideas, and solve complex problems.

Professional life is full of challenges; we need to constantly reinvent ourselves, unlearn old habits that no longer serve this new era, and achieve more results, to keep the organization healthy, perennial.

And all these actions point to a single primary objective: Product Innovations.

If you want to undertake or stand out in the job market, Product Innovation must be a watchword in your life. It is essential to have a unique and creative look at your work routine, which can be developed with a few simple attitudes.

 

MIT ID Innovation - The key for success as a Product Innovator

At MIT ID Innovation, we know the importance of Product Innovation in the current era. It is vital to put in the ethics of Product Innovation in any company or industry. To make it worth it, we are always there to shape and nurture young minds. So come to MIT ID Innovation to have a great career ahead in full swing. To know more about us, visit the Website.

More like this
  • Improving your Employee Innovation

    According to a survey by PwC’s innovation benchmark, 61% of the respondents of the survey embraced open innovation for the generation of new ideas at the workplace. The statistics clearly underline the significance of innovation for employees; afterall, employees are the true treasure of a company. Innovation fuels the employees to be more competitive and increases their efficiency in the dynamic business environment.

  • Role of Innovation in Entrepreneurship

    With the rising competition, many entrepreneurs have started discussing innovation. But what is the meaning of innovation, and why is it important for entrepreneurs? So, innovation is basically the replacement or improvement of something. Innovation is the particular instrument of entrepreneurs with the help of which an individual exploits the changes as a chance for a different business.

  • Post Graduate Career Options In Innovation – MBA in Innovation, Masters in Innovation, Post Graduate Program in Innovation Management

    Making a career in Innovation has grown as one of the most promising professional fields that many young individuals are leveraging in today’s time. For many professionals and students, getting a postgraduate degree looks like the subsequent reasonable step to promoting their career. Recently, many students are opting for different post-graduation options like pursuing an MBA in Innovation.

Enquire Now

We are glad that you preferred to contact us. Please fill our short form and one of our friendly team members will contact you back.

    X
    Enquire Now