Theme: Recent Innovations in chemical research and applications of chemistry
Event Date & Time
18 years of lifescience communication
Multi-scale and/or Multi-disciplinary Approach to Process-Product Innovation
Product Innovation is the creation and subsequent introduction of a good or service that is either new, or an improved version of previous goods or services. This is broader than the normally accepted definition of innovation that includes the invention of new products which, in this context, are still considered innovative. Development of new products, changes in design of established products or use of new materials or components in the manufacture of established products. Numerous examples of product innovation include introducing new products, enhanced quality and improving its overall performance. Product innovation, alongside cost-cutting innovation and process innovation are three different classifications of innovation which aim to develop a company's production methods.Thus product innovation can be divided into two categories of innovation: radical innovation which aims at developing a new product, and incremental innovation which aims at improving existing products.