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A product innovation is
|“||the market introduction of a new or significantly improved good or service with respect to its capabilities, user friendliness, components or sub-systems. Product innovations (new or improved) must be new to your enterprise, but they do not need to be new to your market. Product innovations could have been originally developed by your enterprise or by other enterprises or institutions. A good is usually a tangible object such as a smartphone, furniture, or packaged software, but downloadable software, music and film are also goods. A service is usually intangible, such as retailing, insurance, educational courses, air travel, consulting, etc.||”|
- The 2012 Community Innovation Survey (Eurostat, 2012).