Product innovation: understanding, purpose, function and benefits in business development

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Product innovation: understanding, purpose, function and benefits in business development

Product innovation understanding purpose function and benefits in business development

Product innovation is absolutely necessary so it can be developed by providing many benefits and positive impacts that will be felt.

Products that experience innovation will get appreciation from customers, so they can attract more consumers and bring in doubled profits.

Understanding product innovation

Product innovation can be interpreted as an effort made by product makers of products to improve, improve, and develop products produced so far.

The products developed are not always in the form of goods, but can be an increase in service. According to Law Number 19 of 2002 that innovation is a series of development by applying science and technology into a product.

The innovation of a product can occur because of several things, including the existence of feedback from customers, the combination of things that previously existed, to new discoveries.

This innovation process must continue so that the product will continue to grow, it has an increase, to achieving perfection, which can be done by utilizing knowledge and technology.

The purpose of doing product innovation

In life, an innovation in itself aims to make humans have increased quality so that it has a lot of new capabilities previously not owned.

Likewise on a product, there are certain goals to be achieved when innovating the product. Some of the objectives of innovation on a product include:

1. Improve quality

Generally, the purpose of innovating both in any field is to improve quality, including also related to goods.

Along with the development of time, the items created will be increasingly obsolete because they cannot meet the needs of the present. So that the item is given an innovation in order to meet the needs of the present.

Another reason, because the product that gets innovation is given additional features and new capabilities. Goods with new features or capabilities and the like will increase the advantage over the previous item.

So in other words, the items given additional innovation will increase its superiority and quality compared to before.

2. Meet customer requirements

Customer needs as a human will certainly exist. Customers will continue to demand business owners to improve so that all customer needs are fulfilled.

Customer demands will force business owners to innovate their products. One real one is one of the shuttle service products used by the community.

The main item was originally a shuttle service using a motorbike, but then the business owner innovated and developed it for a shuttle using a car.

Furthermore, business owners also innovate by providing additional services for purchasing food and shopping. The innovation is carried out along with the needs of the community as more and more customers.

3. Creating a new market in the community

Another goal in conducting product innovation is to create a new market in the community. The product given innovation provides the latest features and developments that will attract public interest.

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So that the community will buy the latest product. Sometimes innovation also does not always provide development but also reducing features.

The most obvious example is cellular phone or smartphone products. Business owners reduce some features such as camera quality or memory capacity, thus giving rise to a new product at a cheaper price.

With the new product it will create a new market that targets cheaper prices with products that are not much different of the quality.

4. Develop and apply knowledge and insight

Innovation on a product also aims to develop and apply the knowledge possessed by business owners. In creating innovation on a product, extensive and up-to-date insight requires the development of science.

Then the business owner tries how to apply the knowledge possessed to be applied to the product he made.

In order to be able to apply the current science to a product, a business owner must improve insight with many learning.

Business owners who continue to learn about science and develop their insights will be able to assel the products they have. So that it can create a new product that uses the latest science.

5. Change the product or service

There are often some interesting business owners or stop products or services that are outdated from the market, one of which is a car business owner.

Efforts to stop production or attract existing goods on the market aim to provide innovation by replacing these items with better goods.

Items that have been obsolete are stopped by the production because they are not in accordance with the current conditions. In addition, outdated products cannot be developed anymore.

So the only way in innovating is to replace the product or service. Of course by not eliminating the main functions of the products that have been obsolete.

6. Improve product efficiency

Innovation on a product also aims to increase its efficiency. Items that experience innovation will be able to do their work on target without the need to waste more time.

Similar to the product in the form of a shuttle service application. In the application that was originally only able to be used to order shuttle services, now developing rapidly.

There are many features owned by the application including purchasing services and between food, even shopping. Innovation in the form of this service product makes the application more efficiently used by customers.

Customers simply need one application so you can do various things, so customers can save time.

Product innovation function

Business owners are required to always innovate the products. This is because innovation can function as part of the marketing strategy to attract more customers.

Innovation applied to a product can attract public interest to try using the item.

Innovation also functions that business owners do not be rolled up by the current development flows. The times will demand business owners to continue to innovate so they can continue to survive.

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Various products that cannot innovate according to the times will slowly be abandoned by customers and die. An example is a home phone shifted by a cell phone.

Benefits of doing product innovation

Innovation on goods created will make the business more competitive so that it will indirectly be useful at the value of the manufacturer.

The company or business owner who makes a product that continues to innovate will be able to defeat its competitors. The company that continues to grow by conducting innovation will also be increasingly known by the community.

For example, a cellular telephone company that innovates products by improving camera quality. Cameras on cellular phones are important now, especially when social media continues to grow.

By following these developments, cellular phones with good camera capabilities will be increasingly in demand by the community. So that the value of companies in the eyes of the community also increased.

Conclusion

The above discussion can be applied in your business so that it is not wrong in choosing goods or products, the quality of goods is a lot of things and needed by customers. If you sell an item with good quality and friendly service, customers will definitely like it and buy back.

In the list of stock items is also an important thing in running a business, if your business is growing well, the recording stock of goods and sales will be more and it will be difficult if you still use manual recording.

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