Product and Service Innovation - MIT ID Innovation
                     Difference Between 
Product and Service 
Innovation 
MITID Innovation
Innovation refers to new techniques, 
products, domains, and services. There 
are several types of innovations that 
exist. Each innovation is different from 
the other. Similarly, product innovation 
is different from service innovation. The 
difference between product and service 
innovation lies in different factors that 
separate and categorize them.
Product innovation enhances the physical 
appearance and functionality of the 
product. In contrast, service innovation is 
an intangible process of providing 
customers with value and improving their 
performance. Product innovation refers to 
developing new and unique products to 
improve the way of living. It redefines the 
terms of quality and standard of the 
existing product.
Product innovation involves the 
customer-centric approach to make 
the output attractive. However, the 
service innovation focuses on the 
customer-centric approach to stay 
relevant to the customers and become 
competitive.
Components That Prove The 
Difference Between Product 
and Service Innovation
Innovation is a process of continuous 
improvement in the quality of a product, 
domain, or service. Several factors help 
you differentiate between the different 
types of innovation.
The Backstory of Developing a 
Product and Service
Product innovation requires product 
concept, technology, manufacturing, and 
supply chain. Product innovation starts 
with product concepts, followed by 
technology and manufacturing. For 
example, Apple is a company that uses 
the concept of product innovation.
Cost of Development
The inevitable difference between 
product and service innovation lies in 
their development cost. The development 
cost for product innovation is high 
compared to service innovation. Also, the 
design, development, and manufacturing 
of a product require a good amount of 
money and time. The service innovation 
generates revenue consistently without 
regular investment. 
Risk
Development risk is higher in product 
innovation. One cannot make changes at 
the final stage of product innovation 
(development and manufacturing). This 
requires focus and sharpness at every 
step. The changes in the pre-determined 
process of developing a product can cost a 
firm heavily. However, a service innovation 
doesn't have a higher development risk. 
The world holds a strong future for 
product and service innovation. The 
scalability still lies with the customers to 
experience the best product and service 
innovation. MIT ID Innovation is such a 
place that offers you the best 
innovation courses in India. The 
courses help you think about innovation 
in a way that will lift your tomorrow.
We believe in providing value with money. 
Our curriculum focuses on the skills that 
will stay relevant in the future. We 
educate our students not to just complete 
the course but to add value to their lives. 
We help you explore innovation like never 
before and create something unique and 
different. Connect with us to learn more!
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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