Here we have to discuss some differences between Product and Service Innovation. Read the blog. For more details, visit : https://mitidinnovation.com/recreation/difference-between-product-and-service-innovation/

1. Difference Between
Product and Service
Innovation
MITID Innovation

2. Innovation refers to new techniques,
products, domains, and services. There
are several types of innovations that
exist. Each innovation is different from
the other. Similarly, product innovation
is different from service innovation. The
difference between product and service
innovation lies in different factors that
separate and categorize them.

3. Product innovation enhances the physical
appearance and functionality of the
product. In contrast, service innovation is
an intangible process of providing
customers with value and improving their
performance. Product innovation refers to
developing new and unique products to
improve the way of living. It redefines the
terms of quality and standard of the
existing product.

4. Product innovation involves the
customer-centric approach to make
the output attractive. However, the
service innovation focuses on the
customer-centric approach to stay
relevant to the customers and become
competitive.

5. Innovation is a process of continuous
improvement in the quality of a product,
domain, or service. Several factors help
you differentiate between the different
types of innovation.
Components That Prove The
Difference Between Product
and Service Innovation

6. Product innovation requires product
concept, technology, manufacturing, and
supply chain. Product innovation starts
with product concepts, followed by
technology and manufacturing. For
example, Apple is a company that uses
the concept of product innovation.
The Backstory of Developing a
Product and Service

7. The inevitable difference between product
and service innovation lies in their
development cost. The development cost
for product innovation is high compared to
service innovation. Also, the design,
development, and manufacturing of a
product require a good amount of money
and time. The service innovation
generates revenue consistently without
regular investment.
Cost of Development

8. Development risk is higher in product
innovation. One cannot make changes at
the final stage of product innovation
(development and manufacturing). This
requires focus and sharpness at every
step. The changes in the pre-determined
process of developing a product can cost a
firm heavily. However, a service innovation
doesn't have a higher development risk.
Risk

9. The world holds a strong future for
product and service innovation. The
scalability still lies with the customers to
experience the best product and service
innovation. MIT ID Innovation is such a
place that offers you the best innovation
courses in India. The courses help you
think about innovation in a way that will
lift your tomorrow.

10. We believe in providing value with money.
Our curriculum focuses on the skills that
will stay relevant in the future. We
educate our students not to just complete
the course but to add value to their lives.
We help you explore innovation like never
before and create something unique and
different. Connect with us to learn more!

11. MIT ID Innovation Programme curates
knowledge and experiences that
challenge the very paradigm of evolution.
And that's why we have set out to define
the future of industries, communities,
cities and ecosystems. MIT ID Innovation
offers the best Innovation Courses in
Pune.
Conclusion

12. We’d love to
hear
from you.
MIT INSTITUTE OF DESIGN
Rajbaug,, Loni-Kalbhor, Pune-412201
innovation@mitid.edu.in
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