Companies that produces all kinds of product usually uses product innovations. Innovative products changes society and people. Product innovation is simply enhancing the current product to satisfy the customer and there needs. Product innovations saves the company and increase its profit. Changing customer demands and perspective make product innovation very effective. Here are some types of product innovation (Harvard) 1.Sustaining innovation refers to product innovations that is being done by the company to satisfy there existing customers. It is a critical innovation to maintain customer loyalty and satisfaction. 2.Low end disruption refers to product innovation by start up or new companies that is in the bottom of the market providing a good and common product to there specific target customer. 3.New market disruption refers to new companies that develop new segments in the market making existing products outdated. Sustaining innovation companies are at the top of the market offering to a wide scope of customers that is why it is important that they innovate there products regularly. Low end disruption and new market disruption is at the bottom of the marketing servicing few customers and they are on its way to the top of the market. Product innovations are always beneficial to companies both to big and small companies provided that those innovations are relevant to the market, to existing and potential customers. Intentional product innovations are necessary to make innovations effective throughout the process. It is important that creativity and innovations are highly encourage in order for the company have an innovation culture that supports and focuses its effort on innovations. Photo is not mine, credit to the owner If you like what you have read like us on facebook or subscribe here ©2020 JAR RAMOS ALL RIGHTS RESERVED
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