Product Innovation - MITID Innovation

1. Product Innovation • MITID Innovation

2. Evolution is a very necessary component for an organisation of any kind. A company that wants to stand out in the market, regardless of the niche in which it will be inserted, will need at some point to bet on Product Innovation otherwise, it will be massacred by the competition. So, let's know more about it!

3. What is Product Innovation 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. The idea is to gain space with pioneering changes, which may or may not involve high technology.

4. Often, a simple and organic idea can be very innovative and attract consumers' attention. Without a doubt, it is a necessary step that must be taken to remain active in the market. 

5. Types of Product Innovation There are 3 types of Product Innovations: Radical Innovation: It consists of innovative ideas, high risk, considerable investment and market changes.  Incremental Innovation: It is based more on the continuous improvement of concepts, in which a product is improved gradually with low risk and short-term results.

6. Disruptive Innovation: It is developing a highly new solution, which breaks tradition and does not become obsolete. A classic example is the movie streaming platforms. Netflix, for example, displaced the entire video rental market, and even the downloads pirates, because the service is quite affordable.

7. Use of Product Innovation in the Industry Product Innovations are significant for the success of any industry. But the path from the idea to the execution of a new product, process or business model also harbors challenges. Just by implementing Product Innovation, a technologically new product will differ significantly from all the products previously produced in the industry.

8. Scope of Product Innovation Think outside the box. We hear that we need to think out of the box, be creative, develop innovative ideas, and solve complex problems. Professional life is full of challenges; we need to constantly reinvent ourselves, unlearn old habits that no longer serve this new era, and achieve more results, to keep the organization healthy, perennial.

9. And all these actions point to a single primary objective: Product Innovations. If you want to undertake or stand out in the job market, Product Innovation must be a watchword in your life. It is essential to have a unique and creative look at your work routine, which can be developed with a few simple attitudes.

10. The Key for Success as a Product Innovator At MIT ID Innovation, we know the importance of Product Innovation in the current era. It is vital to put in the ethics of Product Innovation in any company or industry. To make it worth it, we are always there to shape and nurture young minds. So come to MIT ID Innovation to have a great career ahead in full swing.

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 bestCourses in innovation.

12. innovation@mitid.edu.in +91-7038982225 / +91 9834092369 We’d love to hear from you. MIT INSTITUTE OF DESIGNRajbaug,, Loni-Kalbhor, Pune-412201