Final answer:
Transformative innovation is not one of the four types of innovation. The four types of innovation are: product innovation, process innovation, service innovation, and business model innovation.
Step-by-step explanation:
The correct answer is d) Transformative Innovation.
Transformative innovation is not one of the four types of innovation. The four types of innovation are:
- Product Innovation: This involves creating or improving products to meet customer needs or preferences. Examples include the development of new features for smartphones or the creation of a new type of electric vehicle.
- Process Innovation: This refers to improving the methods or procedures used to produce goods or services. For example, implementing a more efficient manufacturing process or using automation to streamline operations.
- Service Innovation: This involves creating new or improved services to better serve customers. Examples include introducing a new delivery service or implementing a customer support chatbot.
- Business Model Innovation: This refers to making significant changes to the way a business operates, such as adopting a subscription-based model or transitioning to an online-only sales strategy.
Transformative innovation, on the other hand, refers to innovations that have a significant and far-reaching impact on society or industries, often disrupting existing practices or creating entirely new markets.