GENERAL KNOWLEDGE

Detailed explanation-1: -An innovation is a new or improved product or process (or combination thereof) that differs significantly from the unit’s previous products or processes and that has been made available to potential users (product) or brought into use by the unit (process).

Detailed explanation-2: -What Is Product Innovation? Product innovation is the process of creating a new product-or improving an existing one-to meet customers’ needs in a novel way. There are three key types of innovation: Sustaining innovation, in which a business consistently provides the highest quality products to its best customers.

Detailed explanation-3: -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. If a company’s product or solution is innovative, there is a much higher chance to survive and thrive.

Detailed explanation-4: -Product innovation involves creating new products or improved versions of existing products that increase their uses. This innovation can be in the product’s own functionality, or it can take the form of new technology.