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Product innovation is defined, according to the Oslo Manual by the Organisation for Economic Co-operation and Development (OECD) and Eurostat, as “the introduction of a good or service that is new or significantly improved with respect to its characteristics or intended uses,” including “significant improvements in technical specifications, components and materials, incorporated software, user friendliness or other functional characteristics.” Certain changes are excluded from the notion of product innovation, namely, very minor changes or improvements, routine upgrades, regular seasonal changes, and customizations for a single client that are nevertheless similar to products made for other clients. The definition appears overall to be self-evident; however, the multifaceted nature of innovation in products has become a major concern for theorists, policy makers, managers, and employees within organizations. ...

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