Definition of Product Innovation

To define product innovation, it’s great to start off with what innovation is. To put it simply, innovation is doing things in a new way. It could be a new product, new process or a new service. For more about what innovation is you can check out our article, What is Innovation in our Innovation Learning Series.

Building on that definition, product innovation is introducing a new product or service into the market or improving an existing one. This could be an entirely new product, adding a new feature or significantly improving the feel, capability, look, function and experience of a product or service.

What’s the Difference between Product and Service Innovation?

Product innovation refers to the development of new or improved products or new features to existing products, while service innovation refers to the development of a new service, improved method of providing existing services or a new way to access services. Both types of innovation can drive business growth and competitiveness.

Read more here.