Innovation and Prodcut Development

The first element is the product. A product is a good or service intended to meet the needs of consumers or society. Read the introductions of each section to gain an understanding of products and product development.

  • The majority of product ideas come from entrepreneurs and small business owners, though medium and large organizations also must identify product-development opportunities in order to remain competitive.
  • Firms seek product ideas from people inside the organization, including those in marketing, sales, research, and manufacturing, as well as from customers and others outside the organization.