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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.
"An idea, practice, or object that is perceived as new by an individual or other unit of adoption" [9] According to Alan Altshuler and Robert D. Behn, innovation includes original invention and creative use. These writers define innovation as generation, admission and realization of new ideas, products, services and processes. [10]
"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]
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 ...
An offering is a package consisting of different proportions of physical product, service, advice, delivery and the costs, including price that are involved in using it. Hereby the advice, adaptation to the customer and the costs are the most important factors to get the right combination within the offering.
The Service Concept refers to a service concept that is new to its particular market – a new service in effect, or in Edvardsson's (1996, 1997) terminology, a “new value proposition”. Many service innovations involve fairly intangible characteristics of the service, and others involve new ways of organizing solutions to problems (be these ...
Indirect costs are more difficult to identify. An example would be the need to buy a new kind of pesticide to use innovative seeds. Indirect costs may also be social, such as social conflict caused by innovation. [79] Marketers are particularly interested in the diffusion process as it determines the success or failure of a new product.
Business ideas that solve problems are fundamental to developing the world and companies such as Curemark are one of many who do this. Curemark is a biotech company founded by Joan Fallon, who noticed that a lot of the children she treated were low on an enzyme for processing protein and since then she has quit her job and has built Curemark to ...