product-innovation

Vocabulary Word

Definition

When a company designs a new product or improves an old one, that's 'product innovation.' They might reduce costs, optimize logistics, or add new features.

Examples in Different Contexts

In the technology sector, 'product innovation' refers to the development of new or significantly improved technologies, products, or services. A tech entrepreneur might say, 'Product innovation is at the heart of our company, driving us to create solutions that challenge the status quo and open new markets.'

Practice Scenarios

Startup

Scenario:

In this crowded market, our app needs a unique selling point. Good design alone is not enough.

Response:

I couldn't agree more. Our product innovation should be in line with what's lacking in the market today.

Business

Scenario:

Our revenues are plateauing. We need something fresh to maintain our competitive advantage.

Response:

Absolutely, I agree. Perhaps our next step should be to focus more on product innovation and diversify our lineup.