Product Invention

Posted in Marketing and Strategy Terms, Total Reads: 4442
Advertisements

Definition: Product Invention

Any new product idea which comes to your mind and leads to a new product development or a modification of the existing product.

Product invention is the formulation of new ideas for products and processes.

Advantages of product invention: -

  • First mover advantage
  • High margins and profitability
  • Increased market share

Steps in product invention: -

  • Define your product
  • Define your market
  • Define the business
  • Identify the major driver which is pushing your product

Example: -Post-it notes were invented by 3M’s Art Fry using an adhesive developed by a colleague, Spencer Silver




Looking for Similar Definitions & Concepts, Search Business Concepts