Answer :
It is possible to expand into new markets, gain market share, sell more items, and generate more income by developing new products. Meanwhile, revamping current items allows for cost reduction, margin expansion, and eventually higher profitability.
Innovation is the process through which concepts are turned into fresh goods and services to support business expansion. The traditional normal distribution, sometimes known as the "bell curve," is frequently used to represent the adoption process over time. According to the paradigm, "innovators" are the first users of a new product, followed by "early adopters." The stages of product development may differ based on the level of concept maturity in different new product development processes. The process of developing a new product often starts with a concept research, is followed by the development of a prototype, the real productization, production, and sales support.
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