Product innovation
What Product innovation means in Economics B A-Level, as defined for Pearson Edexcel.
Definitions of Product innovation
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Check what you remember
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Reference: Pearson Edexcel
The development of new or significantly improved goods and services, aiming to increase consumer demand and market share through differentiation.
Creating new or improved goods, which can increase consumer demand and allow the firm to charge a premium price.
Topics that use Product innovation
- Research and development (R&D) and innovation (Pearson Edexcel A-Level)
Related terms
- Competitive advantage
- Extension strategies
- Government intervention
- Market failure
- Market power
- Positive externalities
- Process innovation
- Product life cycle
Using Product innovation in the exam
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