Final answer:
Innovation refers to anything new or better about the way an organization operates or the goods and services it produces. It involves modifying existing products, systems, or processes to improve them. Innovation is crucial for organizations to stay competitive and earn above-normal profits. Option d
Step-by-step explanation:
The concept of innovation refers to anything new or better about the way an organization operates or the goods and services it produces. It involves the process of incrementally or radically modifying an existing product, system, or process to improve it. Innovation is essential for organizations to stay competitive and meet the changing needs and preferences of customers.
For example, a company may introduce a new product with advanced features that are not available in existing products in the market. This innovation can attract customers and give the company a temporary edge over its competitors. By continuously pursuing new innovation, organizations can discover a world of possibilities with technology and earn above-normal profits before their competitors can catch up. Option d