Beyond the Product: Keys to Successful Innovation in Commoditized Markets
In fast-paced markets such as consumer electronics or software, new product releases are frequent. These industries often measure product change in months, if not weeks. In other industries, however, the pace of product innovation is far slower. Products undergo little or no functional change over many years or decades. Examples of these industries include ball bearings; standardized chemicals and gasses, such as epoxy or hydrogen; and industrial engineered equipment, such as pumps and compressors—among many others.