Product innovation is a creation of good and service that is new or an improved version of previous good and service to better differenctiate the product from others because successful product differentiation creates a competitive advantages for the seller, it is also based on development of new product, changes design of established product. The product innovations can be devided into two categories of innovation: radical innovations whish aims at developing a new products and incremental innovation whish aims at improving existing product. So the smaller businesses can use this solution to better differentiate their products from others and make the product more atracticve.
The product innovation reflects the level of technical and economic opportunities for creating qualitatively new products for business. The economy is developing cyclically experiencing an upturn and a decline in economic growth. It is after the recession during the period of stagnation that there is an optimization of resources by the business for their maximum useful use. As a result, a qualitatively new product is created that requires new technologies and moves the economy forward. New technologies simplify labor, increase labor productivity and consequently reduce costs. Innovations are very important for the economy, they are the ones that give an intensive development.
Travel to himalayas
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