Product innovation (goods or services)
Product innovation consists of introducing to the market new or considerably improved goods or services in terms of their basic characteristics, technical specifications, incorporated software and other intangible components, desired purposes or features. The innovation must be new to an establishment. It does not have to be new to the market.
It does not matter whether the innovation has been developed by its establishment or by another. However, the mere sale of innovations produced and developed entirely by other establishments should not be taken into account. Changes simply of an aesthetic nature are not included.