Question

Innovation can be best defined as _______________.

• A. Commercialization of a new product or process
• B. Invention of a new product or process
• C. An idea of a new product or a process
• D. Implementation of a new production method

Answer 1

The correct option is A Commercialization of a new product or process

The process of translating an idea or invention into a good or service that creates value or for which customers will pay.

In business, innovation often results when ideas are applied by the company in order to further satisfy the needs and expectations of the customers.

Innovation generally refers to changing processes or creating more effective processes, products and ideas. For businesses, this could mean implementing new ideas, creating dynamic products or improving your existing services. Innovation can increase the likelihood of your business succeeding.