The process of changing the appearance or performance of a product or service is known as product innovation.
What is a product?
- A product is an object, system, or service offered for consumer use on demand. It is all that the market can offer to meet the wants and needs of customers.
- Products are services or items.
- It can be in physical or virtual or cyber form. All products are made at a price and sold at a price.
- Billable prices vary by market, quality, marketing, and target segment.
- A name that people can remember and identify. A product with a name becomes a brand. Helps you stand out from the confusion of products and names.
- As trends, times, and segments change, products must be adaptable, becoming more relevant and sustaining revenue streams.
Hence, when changes are made in the product's size, name, or brand it is called innovation or changes in the product.
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