NEED FOR PRODUCT INNOVATION
NEED FOR PRODUCT INNOVATION
Porduct innovation is the process of developing of new product ,it is a continous process of developing of new product,it is a continuos process in an orgn casue every product becomes out of we after certain period of time ,if a business firm face to develop new product it will be very difficult for the firm to survive in the market ,their are several reasons that create need for product innovation.
*firms growth:- every firm has a great desire to grow and to dominate the market ,it is possinle only when it can develop new things and provide new product to the marjet therefore product innvovation is essential for the growth of firm.
*change in technology :-technology chage is a continous process developement of new technology makes and the existing product out of date or use or fashion casuse people keep interest in the products based on advanced technology so the orgn must developed new product to replace the product based on old technology.
*change in consumer preference:- consumer hied taste ,preference ,fashion donot remain contand orgn should develop new product to meet the changing requirement of the consumer .
*increase in competition:- these days have very complicated in this situation a business orgn can exist and make profit only when it can produce new things and provide new produces to the consumers,so, product innovation s essential to exist in the cpmpetition.
*utilization of waste product:- a business orgn need to innovate the new product to utilize waste from the present product.
LINK REFER.SANTOSH
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