MANAGEMENT

Detailed explanation-1: -According to Business Dictionary, “product innovation” is defined as “the development and market introduction of a new, redesigned, or substantially improved good or service.” It’s not only about developing something new and original, it’s also about taking what’s already there and making it much better.

Detailed explanation-2: -Similarly process innovation is not product development because it does not deliver a new product to market. It may help to provide a better solution to meet existing or new requirements, for example a different type of thermal process which extends shelf life without negatively impacting on product quality parameters.

Detailed explanation-3: -The innovation mindset isn’t just about product innovation. Some organizations have focused on product innovation for so long they don’t know how to innovate in any other areas.

Detailed explanation-4: -While creativity is the ability to produce new and unique ideas, innovation is the implementation of that creativity – that’s the introduction of a new idea, solution, process, or product.