Product Innovation Process - MIT ID Innovation
                     Introduction To 
Product Innovation 
Process 
MITID Innovation
Innovation is the vital key to business 
success. Innovation brings a financial 
payoff. Research by McKinsey tells that 
companies like Aspire, Discover, and 
Mobilize received more economic benefits 
than companies with less focus on 
innovation. Data from Microsoft indicates 
that companies that tried innovative 
culture are experiencing double-digit 
growth compared to companies that never 
focus on innovation. 
To be unique in the crowded market, 
every successful business leader should 
try product innovation process to 
maintain the brand name.
What is the Importance of 
Product Innovation
Product innovation is the development and 
market introduction of a new, remodeled, 
or improved product or service. It includes 
both developing something new and 
making something much better than 
earlier.  Not everyone invents a new 
product, but anyone can make an old 
product more effective by adding creativity. 
Product innovation is important because it 
can help you acquire a top place in a 
crowded market. By identifying the flaws 
of your product and adopting new and 
refreshing methods, you can reach more 
audiences and satisfy the consumer's 
needs. Product innovation means finding 
a new product and updating the existing 
one with new technologies. For example, 
the Kindle, the first model, and the latest 
one succeeded. 
Amazon tried and applied innovation to 
get that success. Innovation happens 
when improving a product or adding extra 
features to the product. High-quality 
cameras in mobile phones are a new 
feature.
Product Innovation Process
You can use several metrics to 
measure the innovation. Most business 
leaders use sales rate and ROI to find 
the success of a product. You can apply 
these metrics only when the new one 
has already been launched. How can 
you measure the product innovation 
before the product launch? 
In the development stage, how can you 
know about the audience mindset? The only 
answer to all these questions is market 
research. Gaining the market knowledge, 
customer interest, and competition details 
will add advantages during a product 
launch. Following are the essential parts of 
the product innovation process.
Identifying Gaps and Blue Oceans 
in the Market?
Blue ocean is a term introduced by two 
professors named W. Chan Kim and 
Renee Mauborgne in Blue Ocean 
Strategy: How to Create Uncontested 
Market Space and Make the 
Competition Irrelevant. The Blue ocean 
is an unexplored area in the business 
that can give high potential profits. 
For example, before the launch of iTunes, 
users were illegally downloading music from 
the internet that was a blue ocean. iTunes 
provided a platform for consumers to 
download music that had never existed 
before. Spotify and Apple Music followed the 
same. Their creators found a blue ocean in 
the market and launched them. Only a 
person who keeps his eyes open for gaps in 
a specific industry can identify a blue ocean. 
Collecting Data Needed for 
Product Innovation
Two essential things for product innovation 
are monitoring the global market and listening 
to customer reviews. These help you read the 
minds of potential customers and their needs. 
People discuss the product, write 
positive/negative reviews, and share thoughts 
in the media. They are valuable when you are 
planning for a product launch. You can hire 
a market research firm or do it by yourself.
Benefits of Innovation Training 
Program
MIT ID Innovation offers you the product 
innovation training program that helps you 
understand innovation theories, strategic 
thinking, and techniques. Strategic 
thinking helps improve your team's 
performance and attain the highest 
potential.  MIT ID Innovation's innovation 
programs drive your organisational growth 
and performance.
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.
We’d love to 
hear
from you.
MIT INSTITUTE OF DESIGN
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