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RESERVATION PRICE: The lowest price at which a supplier is willing to supply any amount of a good. This is usually based on the minimum cost of production. For labor, it's the lowest wage that makes it worthwhile to get up in the morning, miss your favorite daytime television shows, and go to work.
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                           PRODUCT INNOVATION: An innovation of a new product, technology, or idea that generates a beneficial improvement in society and the economy; one that is fundamentally different from existing products, technologies, or ideas. The contrast is with a process innovation, which is an improvement in an existing product, technology, or idea. A product innovation is the process of developing and making available a new good, service, production technique, idea, concept, scientific theory, law, business, cultural norm, social organization, or government agency that is substantially different from, and an improvement over, what currently exists. The "product" in question need not be a tangible "good" that is exchanged through a market, but includes a wide range of "things" that result in a change in the status quo and a modification of the existing institutions that form the structure of society and the economy.A related concept is process innovation, which is a (usually) moderate alteration of an existing product or how an existing product is produced. The line between product and process innovation is not always clear cut. In some cases an existing product can experience so many process innovations that it actually becomes a new product. A product innovation might lead to major changes in the very fabric of society or might just make one small aspect of life a little bit easier. Product innovations falling in the major category include the Gutenberg printing press, the electric light bulb, the automobile, and the personal computer. Modern society would be substantially different without these innovations. The minor side of product innovations includes such things as the battery powered drill driver, the electric can opener, the stapler, and the ballpoint pen. Each is useful. Each is an improvement. Each has made life a little easier. But none are indispensable. Life would likely exist much as it is now in the absence of this product innovations. Of course product innovations go beyond typical, tangible "goods." The U.S. Constitution is a notable product innovation that goes beyond the "typical." Another is Christianity. Drive-in movies, popular in the 50s and 60s, are a third among many.
Recommended Citation:PRODUCT INNOVATION, AmosWEB Encyclonomic WEB*pedia, http://www.AmosWEB.com, AmosWEB LLC, 2000-2025. [Accessed: May 16, 2025].
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BLACK DISMALAPOD
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Today, you are likely to spend a great deal of time visiting every yard sale in a 30-mile radius trying to buy either a decorative windchime with plastic or a flower arrangement for that special day for your mother. Be on the lookout for florescent light bulbs that hum folk songs from the sixties.
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Cyrus McCormick not only invented the reaper for harvesting grain, he also invented the installment payment for selling his reaper.
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"We succeed only as we identify in life, or in war, or in anything else, a single overriding objective, and make all other considerations bend to that one objective. " -- President Dwight D. Eisenhower
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NCUA
National Credit Union Administration
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