The product innovation process within the Product Development framework contributes to market growth by improving existing products and introducing new features that meet customer needs. This process identifies pain points in current products, generates new ideas to address these issues, and incorporates these innovations into the product development process. These new innovations are then introduced to the market, which can lead to increased sales, customer satisfaction, and market growth.
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How do you stay innovative and provide the right values for customers? Effective product development allows companies to sustain, grow, and thrive in...
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The product innovation process is used to improve an existing product in an old market. An example of this would be a smartphone that comes out with a new model that has additional features every year. Products can be analyzed to identify pain points to generate new ideas that are then incorporated into the product development process and introduced to the market as a new innovation. (Slide 20)
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