What is Product Innovation

Developing and launching novel or enhanced Products in the marketplace is product innovation. This refers to generating new ideas, styles & innovations to satisfy consumer’s demands & respond to evolving consumer trends. It involves modifying existing products to higher quality or new, unique products, which sometimes require product development. It represents a key source of competition and expansion for companies in many sectors, including technology, consumer products, healthcare, etc. In the context of a fast-moving business environment, successful innovation translates into higher market share, and better customer service, which drive the prosperity of enterprises to new heights.