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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 is where a person or company develops an innovation for their own (personal or in-house) use because existing products do not meet their needs. MIT economist Eric von Hippel identified end-user innovation as the most important source in his classic book on the subject, "The Sources of Innovation". [53]
Innovation refers to adding extra steps to developing new services and products in the marketplace or in the public that fulfill unaddressed needs or solve problems that were not in the past. Technological Innovation however focuses on the technological aspects of a product or service rather than covering the entire organization business model.
This is because companies need to find ways to meet the changing needs and tastes of their customers. Innovation can help a company become more competitive and better positioned for the future. In difficult economic times, it is even more important for companies to focus on innovation and new product development.
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]
Smartstores – RFID-based self-checkout (keeping track of all incoming and outgoing products), food packaging, smart shelves, smart carts. See: potential uses: Software-defined radio: Development, commercialization Cognitive radio, Mesh networks, Software defined antenna
Definition Innovation Innovation is a broad category, relative to the current knowledge of the analyzed unit. Any idea, practice, or object that is perceived as new by an individual or other unit of adoption could be considered an innovation available for study. [15] Adopters Adopters are the minimal unit of analysis.
A system driven by marketing is one that puts the customer needs first, and produces goods that are known to sell. [9] Market research is carried out, which establishes the needs of consumers and the potential niche market of a new product. If the development is technology driven, R&D is directed toward developing products to meet the unmet needs.