Describe Product Innovation Process - MIT ID Innovation
                     Describe Product 
Innovation Process 
MITID Innovation
Product innovation is bringing change and 
development to an existing product to increase 
its utility. The product innovation 
process includes the development or 
improvement of products in a way that tries to 
solve problems for consumers, customers, 
companies, or society at large.
The increasing resolution of the smartphone’s 
camera is an example of innovation. The first 
electric vehicles with new batteries launched 
in the market can also be an example of 
innovation.
Why is Product Innovation 
Important
Innovation of new products that meet the 
needs of their consumers or create new 
demand for them builds a competitive 
advantage. Product Innovation allows 
companies to grow and receive higher 
profits. According to a McKinsey survey, 25% 
of the total revenue profits of a company 
come from the launch of new products.
Product Innovation Process 
Include 
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Suppose you want to launch a successful 
product; you need to make it a little 
exceptional and competitive compared to other 
products. The market is already flooded with 
thousands of gadgets. New product 
development includes a launch of a completely 
new product or changes in an existing product 
to match the standards of the market.
Advocacy and Screening
It helps to calculate the feasibility of the 
product being launched. Advocacy and 
screening will give a better idea of the 
benefits and problems of the products 
associated with the same. Investing in training 
and developing employees will give better 
outcomes. Also, transparent evaluation and 
feedback of the product will help the company 
to understand problems and deliver better 
solutions. 
Experimentation
Experimentation includes generating 
new ideas based on feedback generated 
by screening and advocacy. It consists 
of the testing and sustainability of ideas 
for an industry for a specific period. For 
example, Amazon first tested its grocery 
services in a few parts of the U.S.A 
before opening its delivery options in Los 
Angeles, New York City, and San Diego.
Collaboration
Innovation brought by united teams 
towards a specific goal seems more 
intimidating than in solo. In fact, 
innovative work requires intelligence 
as well as a diverse talent capable of 
performing different kinds of tasks to 
provide an effective product to the 
market.
Strategy and Planning
Excellent strategy and planning are 
required to make a truly innovative product. 
Plans should be well drafted and should 
include different scenarios that possess 
risks.  A brief analysis of the market 
regarding demography and competition will 
be beneficial for a successful launch of the 
product. It is better if you avoid sticking to 
only one phase of the strategy; all parts of 
the plans require attention.
Choosing The Right People
People with various capabilities are best 
for the workforce and successful product 
innovation. Successful companies are 
aware that investing in training and 
developing their employees' skills benefit 
them. Employees should be mindful of 
what customers need in the final product. 
If you produce a product that is not 
valued and can’t be used by anyone, it 
will all be in vain.
These are the product innovation process 
factors. Digitalization and product innovation 
allow you to stay in business and gain an 
advantage in a highly competitive market. It 
also enables your growth and long-term 
success. Product innovation isn’t a piece of 
cake, but by opting for innovation courses 
in India, you can easily seek knowledge. 
MIT ID Innovation offers such courses to 
help you with a better understanding of 
technology. 
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 best Innovation Courses in 
Pune.
We’d love to 
hear
from you.
MIT INSTITUTE OF DESIGN
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