Describe Product Innovation Process - MIT ID Innovation

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Describe Product Innovation Process MITID
Innovation
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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
smartphones camera is an example of innovation.
The first electric vehicles with new batteries
launched in the market can also be an example of
innovation.
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Why is Product Innovation Important
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.
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Product Innovation Process Include The Following
Factors
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.
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Advocacy and Screening
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. 
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Experimentation
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.
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Collaboration
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.
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Strategy and Planning
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.
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Choosing The Right People
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 cant be
used by anyone, it will all be in vain.
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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
isnt 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.
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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 Innovation Courses in Pune.
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