Question

Which of these is an example of innovation?

Answer 1

An example of innovation is A. Creating a new product

What is innovation?

Innovation is the process of turning a concept into a good or service that meets a need or desire of a consumer. Creating new, improved, and effective methods of completing tasks is called innovation. The finished good or service needs to be reasonably priced and provide value for consumers in order for the concept to be deemed creative.

The process of innovation calls for the use of one's imagination, knowledge, and ingenuity. It causes new or valuable things to emerge from resources. Businesses may create goods and services that live up to client expectations by embracing innovation.

complete question;

Which of these is an example of innovation?

A. Creating a new product

B. Remaking a product from the past

C. Mass producing a product

D. Keeping a product the same

Answer 2

Innovation are broken down into three general categories: product, process, and marketing innovation.

Step-by-step explanation:

Product innovation: The development of a new product, an improvement of the existing product and a new feature to an existing product.

Drivers of product innovation might be technological advancements, changes in customer requirements, or outdated product design.

This innovation is generally visible to the customer and should result in a greater demand for a product.

Process innovation: Henry Ford’s invention of the world’s first moving assembly line.

Marketing innovation: Amazon found a new channel through technology by eliminating the traditional retail distribution channel and developing direct relationships.