There are many definitions and meanings of INNOVATIVE PRODUCT, which definition do you know and use most often? Please give the reference for the definition/meaning of Innovative Product you know/use.
Thanks
Mr Shaikh,
I am unsure as to what the thrust of your question is. I shall nevertheless try to give you an answer There are others who can also give an answer.
An innovative product is one that is markedly different from previous products being sold and meant for use. It has new features and offers other benefits. Take the single-blade razor – it was replaced by a double-blade razor. The double-blade razor is an innovative product.
Whereas previous cameras used negatives, digital cameras do not. Digital cameras are innovative. Phones with cameras are another example of an innovative product. In the company I worked for we had engineers to do diagnosis of computer failures. I developed a prototype AI/ES ( Artificial Intelligence/Expert System) as a proof of concept and later co-developed a more complete AI/ES diagnostic system that could diagnose computer failure in 2- 3 minutes while an experienced engineer could take 30 minutes to several hours or days. That system is innovative, I would argue. Apologies if I have misinterpreted you.
If you go to Google, you can find many definitions and each is as good as the other.
Maybe this could be suitable definitions for you:
- Innovation- the introduction of a new or significantly improved
product, process or method (The Oslo Manual 2005 or for example OECD, http://www.oecd.org/sti/45326349.pdf).
- Greenhalgh and Rogers (2010): Innovation could be defined as the application of new ideas to the product, processes, or other aspects of the activities of a firm that increase „value“.
Greenhalgh, CH. – Rogers, M. (2010): Innovation, Intellectual Property and Economic Growth. Princeton, Princeton University Press, 2010.
http://www.oecd.org/sti/45326349.pdf
Dear Azhar,
We distinguish exploitative (incremental) and exploratory (radical) innovation in this paper and clearly define them:
Article: The Effects Of Geographic And Network Ties On Exploitative And Exploratory Product Innovation
Muammer Ozer · Wen Zhang
[Show abstract]
No preview · Article · Apr 2014 · Strategic Management Journal
Definitions range widely. Here is a specific product example. Takes an existing paradigm, challenge and condition done million times daily and guts it. So much so it has been instrumental in changing the NSF/ANSI Class 21 standard.
http://bit.ly/1JBTqba
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