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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.
Product A focus on a creative product usually attempts to assess creative output, whether for psychometrics (see below) or to understand why some objects are considered creative. It is from a consideration of product that the standard definition of creativity as the production of something both novel and useful arises. [42] Person
Product design is the process of creating new products for businesses to sell to their customers. [1] It involves the generation and development of ideas through a systematic process that leads to the creation of innovative products. [2] Thus, it is a major aspect of new product development. Product Design Process:
Thomas Edison with phonograph in the late 1870s. Edison was one of the most prolific inventors in history, holding 1,093 U.S. patents in his name.. Innovation is the practical implementation of ideas that result in the introduction of new goods or services or improvement in offering goods or services. [1]
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 creative industries have been seen to become increasingly important to economic well-being, proponents suggesting that "human creativity is the ultimate economic resource", [7] and that "the industries of the twenty-first century will depend increasingly on the generation of knowledge through creativity and innovation". [8]
Applying systematic thinking tools in analyzing the product can lead to potential new products or to a definition of new needs. The advantages of this method are as follows: The process requires only a limited number of hours and is conducted in-house. Applying the method yields many new ideas and a definition of many potential new needs.
Innovation leadership is a philosophy and technique that combines different leadership styles to influence employees to produce creative ideas, products, and services. The key role in the practice of innovation leadership is the innovation leader. [ 1 ]