Product Innovation - MITID Innovation

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Product Innovation MITID Innovation
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Evolution is a very necessary component for an
organisation of any kind. A company that wants to
stand out in the market, regardless of the niche
in which it will be inserted, will need at some
point to bet on Product Innovation otherwise, it
will be massacred by the competition. So, let's
know more about it!
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What is Product Innovation
Product Innovation is the development of new
goods or services to be launched in the market.
It can also be an improvement in the functions
and assignments of an existing product. The idea
is to gain space with pioneering changes, which
may or may not involve high technology.
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Often, a simple and organic idea can be very
innovative and attract consumers' attention.
Without a doubt, it is a necessary step that must
be taken to remain active in the market. 
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Types of Product Innovation
There are 3 types of Product Innovations Radical
Innovation It consists of innovative ideas, high
risk, considerable investment and market
changes.   Incremental Innovation It is based
more on the continuous improvement of concepts,
in which a product is improved gradually with low
risk and short-term results.  
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Disruptive Innovation It is developing a highly
new solution, which breaks tradition and does not
become obsolete. A classic example is the movie
streaming platforms. Netflix, for example,
displaced the entire video rental market, and
even the downloads pirates, because the service
is quite affordable.
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Use of Product Innovation in the Industry
Product Innovations are significant for the
success of any industry. But the path from the
idea to the execution of a new product, process
or business model also harbors challenges. Just
by implementing Product Innovation, a
technologically new product will differ
significantly from all the products previously
produced in the industry.
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Scope of Product Innovation
Think outside the box. We hear that we need to
think out of the box, be creative, develop
innovative ideas, and solve complex
problems. Professional life is full of
challenges we need to constantly reinvent
ourselves, unlearn old habits that no longer
serve this new era, and achieve more results, to
keep the organization healthy, perennial.
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And all these actions point to a single primary
objective Product Innovations. If you want to
undertake or stand out in the job market, Product
Innovation must be a watchword in your life. It
is essential to have a unique and creative look
at your work routine, which can be developed with
a few simple attitudes.
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The Key for Success as a Product Innovator
At MIT ID Innovation, we know the importance
of Product Innovation in the current era. It is
vital to put in the ethics of Product Innovation
in any company or industry. To make it worth it,
we are always there to shape and nurture young
minds. So come to MIT ID Innovation to have a
great career ahead in full swing.
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Conclusion
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 Courses in innovation.
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Wed love to hear
from you.

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• innovation_at_mitid.edu.in