Key Aspects of Product Innovations: Theoretical Knowledge and Research Study

Abstract

Purpose: The main purpose of the paper is to investigate and establish an understanding of the key aspects of product innovations, which present an important side of the product innovation theory. The paper also aims to validate the literature knowledge by conducting and presenting the results of a primary study. Theoretical framework: The theoretical knowledge provides the necessary secondary data that helps researchers to build specific empirical indicators, which the paper puts to test by conducting a primary research study. Design/methodology/approach: As a first step, the paper uses exploratory research, which is a methodology approach that investigates and gives a deep understanding of the research topic. The method used is “literature review”, which helps researchers to analyse existing data from a variety of literature sources relevant to the aspect of product innovations. Next, the paper uses descriptive research, which involves the collection of quantitative data through a survey method. The research study is conducted in February 2023, among 18 software companies in Bulgaria with product innovation activities in the 3-year-period under review (2020 – 2022). Findings: The paper identifies the key aspects of product innovations, outlines specific empirical indicators and confirms the essential role of the defined key aspects for the development of product innovations in the software industry. Research, Practical & Social implications: The paper brings useful knowledge base for developing future research studies focused on product innovations. Originality/value: The paper provides an original and a new direction of researching the term of product innovations.