Product innovation refers to the process of developing and introducing new or significantly improved products to the market. This involves creating novel solutions that offer enhanced features, functionalities, or performance compared to existing products, or introducing entirely new concepts that meet unmet needs or create new market opportunities. Product innovation can include advancements in technology, design improvements, new materials, or novel applications that enhance the user experience and differentiate a product from its competitors. The goal of product innovation is to drive growth, capture market share, and provide added value to customers, ultimately contributing to a company’s competitive advantage and long-term success.
What is Brand Innovation in Marketing? Brand innovation is a strategic approach that involves creating new ideas, products, services, or processes that significantly enhance a brand’s value and differentiate it