Product development is the process of creating a new product that is ready to be launched. It includes research, design, prototyping, testing, and production to bring the product to market.
Product innovation is the process of introducing new products or significantly improving existing products to meet customer needs and preferences.
Product Launch is the process of introducing a new product to the market, from initial development and testing to final release.
Product Refinement is the process of making incremental improvements to an existing product. It happens after opportunity identification, when the innovator improves a prototype.
Prototyping is the process of creating a physical or virtual representation of a product, system or service to evaluate its usability or performance.
Qualitative research is used to find non-numerical data. It thereby focuses for example on people's experiences, behaviours or interactions.
Quantitative research focuses on numerical data and often tries to find patterns and relationships in big sets of data.
Radical innovation is a type of innovation that creates new markets or dramatically changes existing markets. It produces highly differentiated, system-altering creations.
Red Ocean Strategy
Red Ocean Strategy is a business approach focused on competing in an existing market by trying to outperform the competition. It is innovation in the same space as competitors, in the competitive red ocean full of sharks.
Remote innovation is a way of developing new products, services, and processes in a virtual setting without needing to be physically in the same location.
What are Sensing Capabilities? The skill of a firm in sensing opportunities in the market before competitors. This is often done through the use of data, analytics and technology.
Resources for Innovation
Resources for Innovation are the tools, materials, processes, and people that support the development of new ideas. The assets, skills, and knowledge utilized in the innovation process.
Social innovation is the application of creative thinking and novel solutions to social challenges, leading to positive change in society.
Stage Gate Model
The Stage Gate Model is a process for managing product innovation and development. It is used in large organizations that emphasizes structure and discipline. It outlines a structured approach for successful project management and decision-making.
In innovation a storyboard means a visualization of the experience of a customer during service delivery or product usage.
Simulation of a Service Experience
Essentially a prototype of a service experience, the simulation may consist of role play or a full-scale example of a service delivery.
The House of Quality
The House of Quality is a brainstorming framework that links customer needs to product features.
User Journey Map
A user journey map, also called customer journey map, is a visualization of a user's interactions with a company.
The Value Proposition is the offering to the customer, and the reason they should purchase a product. It is the offering of value that sets a product, service or brand apart from its competitors.