Process Innovation or Product Innovation?

The fast and easy answer is “they are both important.” However, what if this is not true? Many companies have been successful by relying more on one approach than the other. We could argue that one approach is better than the other, depending on the circumstances. If so, then we need to look at the key factors that would lead one approach to be better than another. I have put the following matrix together to illustrate companies that have been successful using one or both approaches. I have also included a column for service as it has distinct differences from product innovation.

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