Abstract
In the 21st century, in the economically developed countries around the globe, the ability of business organizations to innovate their offered products is an important source of their strategic, long-term competitive advantage. Living in a complex and dynamic world, innovation and entrepreneurship are playing crucial role for economic development. New scientific and technological (S&T) revolution is developing rapidly and is breeding new major breakthroughs that will profoundly change the face of the economy and society. The speed of transformation of science and technology applications is accelerating, creating new opportunities for catching up and leapfrogging. Throughout the world, many countries have made strengthening science and technology innovation a national strategy, made investment in science and technology a strategic investment, significantly increased investment in science and technology, and advanced the deployment and development of frontier technologies and strategic industries, implemented major science and technology programs, and made efforts to enhance national innovation capabilities and international competitiveness. Similarly, for enterprises, the achievement of their core competitiveness depends on their ability to innovate their products. This review paper is aiming to reveal the complex nature of the different product innovation types impacts on enterprises business performance, which can be key importance how to shaping their development and innovation strategies. By analysing the impact of different product innovation types, companies can learn about the applicable scenarios and changing trends in the industry for different types of innovation. In addition, by comparing established innovation types with past innovation practices, it is possible to establish a more suitable and practical innovation environment and mindset to improve the competitiveness, market share and economic efficiency of the company.
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