Concept testing is an important step in the new-product process. Outline the concept tests for(a) an electrically powered car and (b) a new loanpayment system for automobiles that is based on avariable interest rate. What are the differences indeveloping concept tests for products as opposedto services?

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Product and Service Innovation

Product innovation is the introduction of either a new product or an existing product with significant improvements related to its characteristics. Improvements could be in various specifications and areas such as technical, technological, physical use, software updates, overall size and texture, and so on. For instance, consider the Apple Watch; they release different series every year with significant updates and improvements such as using cellular technology, monitoring your heart rate, acting as your fitness partner, measuring blood oxygen level, and so on. We see the addition of features in every series, and these improvements make them a different product altogether.