Product Innovation - MITID Innovation
                     Product 
Innovation 
MITID Innovation
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!
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. 
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. 
Types of Product 
ITnhenre oarve 3a ttypieos nof 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.
 
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.
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.
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.
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.
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.
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 Courses in innovation.
We’d love to 
hear
from you.
MIT INSTITUTE OF DESIGN
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9834092369
[email protected]
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