product innovation
Fresh market creations
Product innovation is the development and introduction of new or significantly improved goods and services.
It encompasses changes to design, features, materials, or functionality: The company's product innovation strategy focused on sustainability.
Distinguished from process innovation, which improves how things are made rather than what is made.
- blue sky thinkingUnrestricted imaginative brainstorming
- market researchAnalyzing buyer preferences systematically
- packaging designVisual treatment of wrapping
- patentObvious; inventor's monopoly
- automationSelf-operating system design
iterative design · agile development · design thinking · value proposition · industrial design · R&D · prototyping · consumer trends · ergonomics · competitive advantage · first mover advantage · 3D printing · beta testing · user experience · competitive analysis · sustainable packaging · tactile feedback · rollout
- innovation typesdisruptive, incremental, radical, sustaining, breakthrough
product innovationknockoffs
Counterfeit merchandise
cloning · stagnation · imitation · copying · replication
product innovationoperational efficiency
Smooth, waste-free functioning
conservatism · risk aversion · tradition · status quo · maintenance
product innovationmarket saturation
Maximum product penetration reached
commoditization · commodification · obsolescence · divestment · undifferentiation