Product Innovation takes place through the process of product planning and development.
Covers search for new products and innovations as well as the improvement of existing products.
INTERNAL DEVELOPMENT
Discovering and developing new products by the firm itself a desirable means.
LICENSING
Securing right to produce the product from a patent holder i.e. contractual arrangement e.g. coca cola.
ACQUISITION
Buying the firm that developed or patented the product- a costly means.
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