A product is bought by and then owned by a customer. A tangible product has one or more functions and it can be seen and touched. Thus, product innovation commonly improves functionality or physical appearance.

A service is an intangible process that is performed for a customer. Thus, service innovation commonly focuses on improving attractiveness (marketing) or performance (faster, cheaper, more consistent).

Services have the advantage of economies of scope unlike products and therefore conducting test marketing is easier. To illustrate any innovation in banking can diffuse faster owing to technology unlike physical goods.

Service ils type of product, product include service goods, places and other types, so product innovation is howl change or development in part of the product( service or goods) in the way of use or it's chaps or the new benefit that give consumer an add value.

Product innovation is the introduction of goods or services that are new or have gone through significant improvements related to the characteristics or purpose of using the product and its benefits. While service innovation is a process of creating new, better ways to design and produce technology, engineering or expertise based services.

In the end - they are the same. As the world increasingly transitions to a service/platform/zero latency models - the service coupled with the product is crucial - crops delivered to the consumer at the peak of freshness, just-in-time manufacturing are blurring the lines. Thus the thesis of any true differentiation may be need to be fundamentally revisited. Good luck.

It sounds like you are asking about the differences between INNOVATION of products and services (not between the DEFINITIONS of them), yes?

Perhaps you will clarify for us, please.

The process of INNOVATION is essentially the same for both items, and the focus should be on the characteristics and features that produce competitive advantage for both as well. Of course, it is these characteristics and features that are different, which others have explained quite well.

I hope that helps, and maybe you will clarify your question just to make sure we are understanding correctly, because this is an interesting and important topic.

More ideas on Product and Service innovations, when thinking of market boundaries in the 21st century, all businesses should look across substitute industries by perfect integration the core functions of many product categories into a single device, and look across complementary product and service offerings by relying on a platform mounted on its other devices that brought together a broad ecosystem of developers.

Reference

Giachetti, C. (2018). Explaining Apple’s iPhone success in the mobile phone industry: The creation of a new market space. In Smartphone Start-ups (pp. 9-48). Cham: Palgrave Macmillan.

Service is intangible.

Today's digitalization era, the innovation of a product and service becomes important as a concept that is inseparably shared which must be continuously carried out by each company, to meet the needs and desires of increasingly diverse consumers. Consumers want every product and service to provide something new and multipurpose from before, so that consumers always feel interested in buying and using the products and services offered by each company through a product innovation and service innovation.

E.g. service innovation as in -https://www.forbes.com/sites/danielnewman/2018/01/02/top-6-digital-transformation-trends-in-hospitality-and-tourism/#4429e36a67df

http://wtd.unwto.org/content/wtd-2018-tourism-digital-era

https://www.bu.edu/bhr/files/2018/06/The-Digital-Future-of-the-Tourism-and-Hospitality-Industry.pdf

The contemporary definition of the term 'product' includes goods, services, events, people, political parties, organisations , ideas and owing to IOT the concept of innovation diffusion has also changed drastically. Again innovations can be radical or discontinuous to imitative. To sum up one model does not fit all; a different approach to design thinking is the need of the day.

Service is a product (like banking products, insurance products)! Essentially there is no difference. Innovation is in terms of enhancing features that in turn increase satisfaction/utility of the product of service for the user. Yes product innovations at times change physical features while that of service can only be experienced and not seen, touched because service is intangible (product!),