Product Innovation: Definition, Examples & Strategies used

Product Innovation: Definition, Examples & Strategies used

Product innovation is essential for businesses looking to maintain a competitive edge. This piece outlines key strategies for successful innovation, including having strong market knowledge, ensuring your product is distinct from competitors, tracking technological advancements, working collaboratively across departments and creating prototypes. MIT ID Innovation offers courses and training to help individuals develop the skills and competencies required for a successful career in product innovation.

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More Innovation Resources:

How Trust Can Be A Competitive Advantage

Trust is a vital factor for companies to compete effectively. Building strong relationships with stakeholders is necessary to maintain trust and resiliency in a complex ecosystem.

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Culture of Innovation: What Established Companies Can Learn From CSAA Insurance Group

Culture of Innovation: What Established Companies Can Learn From CSAA Insurance Group

CSAA Insurance Group, a 100-year-old company, shows how an established company can transform its culture and turn it into a competitive advantage by empowering employees to generate ideas and implementing them.

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Scientific Management, Taylorism and how employees are prevented from innovating

Scientific Management or Taylorism is a management theory that prioritizes efficiency by removing unnecessary steps in a process. However, it can hinder innovation and autonomy of employees.

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