Product innovation: dimensions and key antecedents

Changes in the consumer's needs, desires, habits, standard of living and income levels have brought about a drastic change in the thinking of marketers and business firms. With the rise of consumer-oriented marketing, product is developed to satisfy the needs of the consumers. And as the needs of the consumer changes, business firms will have to reshape their products to suit the changing consumption patterns. As a result, business firms resort to product innovation. They either create a new product to satisfy the changed set of needs or they improvise their existing products to better satisfy their target market. Hence, an attempt has been made in this paper to understand the conceptual framework of product innovation, its meaning, types, dimensions and the key antecedents tofirm's innovativenessby reviewing the previous studies conducted in the related subject matter.