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Product innovation is the development of new products, making changes in the current product design or using new techniques and means in the current production methods, in other words, it focuses on existing markets for existing products, differentiating through features and functions that current offers do not have. We can look at the product innovation from two sides; internal side where it depends on knowledge, capacities, resources and the technologies used in the company, however; from the external side product innovation focuses on the consumers’ needs and the owner’s expectations. Looking at the terms used in product innovation field one can conclude that there has been a change of meanings over time. Although “design” originates from the “making of a drawing” it is obvious that the meaning of “design” has been enriched over time. In parallel to “design” the term” product development” has evolved describing the generation of products, processes or services. In the last couple of years, the term innovation was used in a variety of meanings although the original meaning refers to a more or less radical introduction of changes

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