How is product innovation different from process innovation?

Product innovation is a process in which a new or improved product is created or introduced. However, process innovation involves enhancing the existing one or creating a new production or delivery method.

What do the four Ps of product innovation stand for?

Four Ps define the approach to innovation and stand for paradigm, position, process, and product. They provide a framework for product innovation.

What are the 5 considerations for product innovation?

You must consider the following aspects before starting product innovation. Cost: Innovation requires the allocation of people, money, and time that will constitute the cost; Check Requirements and Market Demand: Consider market demand and customer requirements before investing in product innovation; Competitors: Analyze what competitors are doing to do product innovation that will give a competitive edge; Compliance or Regulations: Consider relevant industry compliances and regulations to ensure the right kind of product innovation; Value Proposition: Consider the value proposition that product innovation is supposed to offer to your customers.

Product Innovation: What is It and Why is It Important?