ENTREPRENEURSHIP

Detailed explanation-1: -New product development refers to the process that goes into bringing a new product to market, from brainstorming an idea to understanding if it fits into the market, ironing it out to prototyping to final commercialization.

Detailed explanation-2: -Product innovation refers to the creation and introduction of a good or service that is new to the market or an improved version of a previous product. On the other hand, process innovation is implementing a new or improved production or delivery method.

Detailed explanation-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.