The product innovation process includes the development or improvement of products in a way that tries to solve problems for consumers, customers, companies, or society at large. For more details, visit : https://mitidinnovation.com/recreation/describe-product-innovation-process/

1. Describe Product
Innovation Process
MITID Innovation

2. Product innovation is bringing change and
development to an existing product to
increase its utility. The product innovation
process includes the development or
improvement of products in a way that tries to
solve problems for consumers, customers,
companies, or society at large.
The increasing resolution of the smartphone’s
camera is an example of innovation. The first
electric vehicles with new batteries launched
in the market can also be an example of
innovation.

3. Innovation of new products that meet the
needs of their consumers or create new
demand for them builds a competitive
advantage. Product Innovation allows
companies to grow and receive higher
profits. According to a McKinsey survey, 25%
of the total revenue profits of a company
come from the launch of new products.
Why is Product Innovation
Important

4. Idea generation for new product:
Suppose you want to launch a successful
product; you need to make it a little
exceptional and competitive compared to other
products. The market is already flooded with
thousands of gadgets. New product
development includes a launch of a completely
new product or changes in an existing product
to match the standards of the market.
Product Innovation Process Include
The Following Factors

5. It helps to calculate the feasibility of the
product being launched. Advocacy and
screening will give a better idea of the
benefits and problems of the products
associated with the same. Investing in training
and developing employees will give better
outcomes. Also, transparent evaluation and
feedback of the product will help the company
to understand problems and deliver better
solutions.
Advocacy and Screening

6. Experimentation includes generating
new ideas based on feedback generated
by screening and advocacy. It consists
of the testing and sustainability of ideas
for an industry for a specific period. For
example, Amazon first tested its grocery
services in a few parts of the U.S.A
before opening its delivery options in Los
Angeles, New York City, and San Diego.
Experimentation

7. Innovation brought by united teams
towards a specific goal seems more
intimidating than in solo. In fact,
innovative work requires intelligence
as well as a diverse talent capable of
performing different kinds of tasks to
provide an effective product to the
market.
Collaboration

8. Excellent strategy and planning are
required to make a truly innovative product.
Plans should be well drafted and should
include different scenarios that possess
risks. A brief analysis of the market
regarding demography and competition will
be beneficial for a successful launch of the
product. It is better if you avoid sticking to
only one phase of the strategy; all parts of
the plans require attention.
Strategy and Planning

9. People with various capabilities are best
for the workforce and successful product
innovation. Successful companies are
aware that investing in training and
developing their employees' skills benefit
them. Employees should be mindful of
what customers need in the final product.
If you produce a product that is not
valued and can’t be used by anyone, it
will all be in vain.
Choosing The Right People

10. These are the product innovation process
factors. Digitalization and product
innovation allow you to stay in business and
gain an advantage in a highly competitive
market. It also enables your growth and
long-term success. Product innovation isn’t
a piece of cake, but by opting
for innovation courses in India, you can
easily seek knowledge. MIT ID Innovation
offers such courses to help you with a better
understanding of technology.

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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