Innovators don’t do different things, they do things differently. Innovation is part of the human DNA. Innovation distinguishes a leader from a follower. Innovation refers to the activity of people or organizations to change themselves and their environment. It is the successful exploitation of new concepts and ideas that are brought to market, put into practice, maybe leading to new products, processes, systems, attitudes, or services that improve something or add value. It involves an individual stance, an organizational process, and a social movement all put together. The need for the creative orientation may be due to unsatisfactory existing circumstances and conditions in the organization, new opportunities socially, or implementation of the latest technology.
There are different kinds of innovation. The main ones are Incremental innovation – When new ideas are implemented and old ones are modified and radical innovation – It involves completely new ideas.
Product Innovation is a process of adopting new knowledge into new products and services to satisfy the customers. It is a spark of growing your business by creating value and increasing efficiency. A product may be a physical good, retail store, person, organization, place, or idea that is offered to a market for consumption or acquisition. Product innovation is new ways, ideas, concepts, products, or services for the benefits of both the customer and the organization. Product Innovation leads to improved engineering, techniques, methods, and organization. An innovative product is one that increases the benefits-to-costs ratio. According to Brown, Michel, and Gallan the consumers are responsible for product innovation. They address their needs and wants in the services and products. Their urge and demand for new and improved products force organizations to create the number of other products and services. For example, in the past, the diabetic patients would rely on the physicians to measure glucose levels. But now after the implementation of the blood glucose monitoring system at home, the patients are self-monitoring their glucose level. This innovation resulted in focusing on consumer’s needs and providing facilities.
New products are the lifeblood of any successful enterprise. Companies such as 3M, Honda, Sony, Johnson & Johnson, and Rubbermaid turn out new products one after another while their competitors fall behind because these companies understand that innovation is a learnable and recurring process. They produce a steady stream of new and innovative products that create new revenue streams and assure long-term competitive supremacy. According to author Michel Robert, these companies practice a repeated process of innovation. They systematically search their environments for new-to-the-market opportunities that have changed the game in their markets.
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