Innovation

Product innovation is extremely important to sustaining growth and profits. Product innovation often adds value to an existing product and helps replace obsolete products. According to Lamb and Hair (320), there are six categories of new products:

Improvements or revision of existing products

While innovation might be an element of all of these categories, for example an innovation may allow for the manufacture of a lower-priced product than competitors, most innovations are used to improve existing products. Product innovations are particularly good at sustaining growth and profits in mature industries. For example, the ketchup industry is one such mature industry. Heinz, Inc., owns the majority market share in the industry. Over the past few yea

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