Glossary:New product
A new product is a good or service that differs significantly in its characteristics or intended uses from products previously produced by an enterprise.
The first microprocessors and digital cameras were examples of new products using new technologies. The first portable MP3 player, which combined existing software standards with miniaturised hard-drive technology, was a new product combining existing technologies.
The development of a new use for a product with only minor changes to its technical specifications is a product innovation. An example is the introduction of a new detergent using an existing chemical composition that was previously used as an intermediary for coating production only.
A novel product is a new or improved product not only new to the enterprise, but also to the enterprise's market.
Related concepts
Statistical data
Source
- OECD, "The measurement of scientific and technological activities. Guidelines for collecting and interpreting innovation data. Oslo manual 2005", Paris, 2005 - pdf