Types of Innovation

 

"Never ever compete on prices, instead compete on services and innovation

                                                                                    Jack Ma "

In our day to day life we've seen innovation is everywhere, but we can't find out that what kind of innovation is this ? I hope this question is arises in everyone's mind those who loves innovate. So, through this blog I'll delivered my knowledge . I share some of the important point with my experience in the field of innovation. Let's get started.

Types of Innovation :  

Basically there are two types of innovation. The first one is the Product innovation and the second one is the Service innovation. If we are not go to the technical terminology then we only deal with these kind of innovations. Now let's discuss one by one with proper examples.

1. Product innovation : 

As the "product" in product innovation which gives you the rough idea about that we deal with the products.  In product innovation we innovate the products or we also re - innovate the existing product to maintain the sustainability of the market and make the product is more pocket friendly for customers those who are using. We also called them Product development that means to develop a new product of the customers. Now look the example to get the better understanding about the product innovation.

Let's take the example of television. Why television comes in the market ? because it will solve the problem like information and communication . So television is a kind of product innovation. 

Similar Product like:

a. Water Bottles.

b. Wallet

c. Headphones.

d. Study Table and etc...

These are the small innovation which are very useful in our day - to - day lifestyle without having this we feel uncomfortable.

2. Service Innovation:

Service innovation is related to your services. Services is of any kind but it will related to existing product that you are using. 

For better understanding let's look into the example. Suppose, you are using laptop and currently windows10 is installed in you system but after some time you will see there is a update option is running into your machine and is asking about the update current window with the new windows which windows11. So you updated it into the same machine but once you use this windows and you look  some unique features in it. So, this is the kind of service innovation. 

I hope this will give you the better understanding about the types of innovation. Feel free to share your thought's and ask questions.

Thank you...