Innovation in Product

6710 Words27 Pages
Group 16

Innovation in Product
Submission #2
Anant Jain B15131
Ankit Goel B15132

Anshul Jain B15134

2015

1.

Introduction

Innovation is refinement in a product, process, method, or a part thereof. Innovation has become a buzz-word in recent years, with increasing relevance of ‘innovation-centred business models’, and ‘innovation-led-entrepreneurism’. In fact, the success stories of
Industrial America, technological Silicon Valley, American financial market, etc., are tales of constant innovations.
‘Digitization’ has shifted access to knowledge and information from a privilege to convenience: anyone who is willing and able to pay, has an access. Also, sharing of information and flow of payments and tenders
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Apart from developing a new product, innovation can also be in developing a new market for sales, and equivalently developing a new market for supply.
Marketing innovation has two basic goals: satisfying customer needs, and building sustained competitive advantage. The tool through which it is achieved is differentiation, and marketing strategy of the company for the product.

2.

Literature Review

2.1 Available research/insights on product innovation
A brief review of the literature studied in depth concerning product innovation in given below.
Cherron Reguia, in ‘Product innovation and the competitive advantage’ [1], establishes how product innovation can be leveraged to establish and sustain competitive advantage.
Innovation can be of various types, like:
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Developing new product
Improving over previous products (incremental)
Developing new Market/sales
Developing new Supply market
Innovating in Channel structure

Marketing innovation has two basic goals: satisfying customer needs, and building sustained competitive advantage. The tool through which it is achieved is differentiation, and marketing strategy of the company for the product.
Innovation differs from
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