Product innovation is the creation and subsequent introduction of a good or service that is either new, or improved on previous goods or services. This is broader than the normally accepted definition of innovation to include invention of new products which, in this context, are still considered innovative.
Read more about Product Innovation: Introduction, New Product Development, Improvement of Existing Products
Famous quotes containing the words product and/or innovation:
“The site of the true bottomless financial pit is the toy store. It’s amazing how much a few pieces of plastic and paper will sell for if the purchasers are parents or grandparent, especially when the manufacturers claim their product improves a child’s intellectual or physical development.”
—Lawrence Kutner (20th century)
“Both cultures encourage innovation and experimentation, but are likely to reject the innovator if his innovation is not accepted by audiences. High culture experiments that are rejected by audiences in the creator’s lifetime may, however, become classics in another era, whereas popular culture experiments are forgotten if not immediately successful. Even so, in both cultures innovation is rare, although in high culture it is celebrated and in popular culture it is taken for granted.”
—Herbert J. Gans (b. 1927)