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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 development often overlaps much with the engineering design process, particularly if the new product being developed involves application of math and/or science. Every new product will pass through a series of stages/phases, including ideation among other aspects of design, as well as manufacturing and market introduction. In highly ...
Innovation must be understood in the historical setting in which its processes were and are taking place. [17] The first full-length discussion about innovation was published by the Greek philosopher and historian Xenophon (430–355 BCE). He viewed the concept as multifaceted and connected it to political action.
TRIZ flowchart Contradiction matrix 40 principles of invention, principles based on TRIZ. One tool which evolved as an extension of TRIZ was a contradiction matrix. [14] The ideal final result (IFR) is the ultimate solution of a problem when the desired result is achieved by itself.
Product Design Process: The product design process is a set of strategic and tactical activities, from idea generation to commercialization, used to create a product design. In a systematic approach, product designers conceptualize and evaluate ideas, turning them into tangible inventions and products. The product designer's role is to combine ...
An 1880 penny-farthing (left), and a 1886 Rover safety bicycle with gearing. In business theory, disruptive innovation is innovation that creates a new market and value network or enters at the bottom of an existing market and eventually displaces established market-leading firms, products, and alliances. [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.
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