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Business entities must innovate to survive and grow. Every product has a life cycle, and eventually even the most successful products reach the end of their economic life.
Innovation is necessary for several reasons.
a. Product renewal. Changing the design of a product can help to renew or prolong its life. Many products therefore undergo design changes during their life, in order to maintain or increase sales.
b. Product adaptation. Products can be adapted for a new market segment. For example, a product that is marketed successfully in the US might be adapted by its manufacturer for sale into Europe, where customer needs might be different from those of US customers.
Continue reading The need for business innovation