Product Innovation Strategy

Product Innovation Strategy refers to the approach a company takes to develop new or improved products that meet changing customer needs and market demands. This involves researching trends, gathering customer feedback, and leveraging technology to create solutions that stand out in the market. By focusing on innovation, businesses can enhance their competitiveness, attract new customers, and retain existing ones. Essentially, it’s about constantly refining and reinventing offerings to drive growth and respond to what consumers want or need. This strategy is a key part of Strategic Innovation Management, which guides overall innovation efforts within an organization.