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    Definition and examples of innovation in products

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    Use the library, Internet, or any other available resources, to define the term innovation. Then, research what you think is an example of an innovative product or service. Include the following within your discussion:

    - What is your product, and why do you feel the product you have selected is innovative within its industry?
    - How was the product introduced to the market, and which approach was used entrepreneurship or intrapreneurship?
    - What were the advantages or disadvantages resulting from using the particular approach?
    - What were the challenges faced in bringing the innovation to market?

    Please cite any references or web resources.

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    Solution Preview

    Innovation is the introduction of something new (http://www.merriam-webster.com/dictionary/innovation).

    An example of an innovative product or service is iTunes. Prior to iTunes LP's and CD's were purchased if you wanted to own music. You didn't buy just a song but the entire album. Apple further fine tuned the product by linking their popular iPods to it, and then expanding their selection of music delivery systems to include smart phones and tablets. In addition, books, movies, games, and television are able to be delivered via iTunes.

    Apple was revolutionary in introducing iTunes (2001) as a free application, at a standard rate of .99 cents a song. Other companies were beginning to offer music at the time but by Apple stating that they only supported iTunes for their devices it boosted its' market share immediately. In addition Apple was relentless in ...

    Solution Summary

    This detailed solution defines innovation and gives examples of innovative products; it also discusses entrepreneurship and intrapreneurship, and also discusses the challenges that are faced by companies bringing innovation to market. Examples and links are given in the solution.