TURNING INNOVATION INTO A PRODUCT CONCEPT
DOI:
https://doi.org/10.68302/std2026.vol2.31Keywords:
degree of novelty, innovation, life cycleAbstract
The formation of the concept aims to further develop the innovative idea and transform it into a real innovative product intended for the market, as well as to bring consumer desires into a production-feasible product. Usually, a company has at least several innovative ideas for one product. The life cycle of innovations is presented, as well as the degree of novelty of products and processes as part of the industry. A model is presented for determining the degree of innovation through: Innovations outside industry – expanding the scope, technical regularities in innovative development, innovative development, intensification and productivity, innovative obsolescence, trends in the relative change in the parameters of products and processes under the influence of innovative obsolescence. The known technical, consumer and market indicators are used, which are redefined in view of the topic.
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