Question

Explain product innovation and process innovation

Answer 1

Answer:

Product innovation refers to a change in the product. ... It is also a product innovation. The second type of innovations that dominates innovation effort of firms is process innovation. It involves improvement in the process of producing a product. It includes changes across all the value chain activities.

Answer 2

Answer:

A product innovation is the introduction of a good or service that is new or has significantly improved characteristics or intended uses; a process innovation refers to the implementation of a new or significantly improved production or delivery method.

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