Product and Service Innovation - MIT ID 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
Components That Prove The Difference Between
Product and Service Innovation
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.
6
The Backstory of Developing a Product and Service
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.
7
Cost of Development
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.
8
Risk
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.
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
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.
12
Wed love to hear
from you.

• MIT INSTITUTE OF DESIGNRajbaug,, Loni-Kalbhor,
  Pune-412201

• 91-7038982225 / 91 9834092369

• innovation_at_mitid.edu.in