![]() ![]() Inspiring future creativity: Encouraging new ideas from employees and competitors to continue innovating ![]() Making something useful: Producing an item that customers want and that solves for an issue or makes something betterĮarning higher revenue: Increasing a company's sales and profits ![]() There are many benefits of product innovation besides the continuing success of a business, including: Related: How To Turn Your Invention Idea Into a Product (With Tips) What are the benefits of product innovation? Most often product innovation is achieving an improvement on existing products, though creating a true invention also happens. It can also develop improved versions of existing products in a market, enhancing the functionality or desire for an item by taking consumer feedback to make improvements or discovering additional features and technology to add. Product innovation is the development and launch of a new product or service that directly affects the market it sells in. Read more: What Is the Innovative Process? What is product innovation? In this article, we define what product innovation is, outline the benefits of it and explore specific types and examples of product innovation to help you better understand the business term. Understanding the process of product innovation and reasons to use it can help you develop professional capabilities valuable in any industry. Creating unique products and services and getting them to market before competitors can benefit a company, often being critical to its reputation and continued success. Innovation is making an idea or invention of goods or services that create enough value for customers to want to buy. ![]()
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