Market innovation refers to ___________.

procurement of capital to buy market

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acquiring a market place and bring innovation to it

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setting up of a new shop

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discovering new product and market

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Solution

The correct option is C discovering new product and market
Innovation is considered as one of the criteria for success among companies. It is regarded as the basic element to reach customer satisfaction and to realize their desires.
Marketing innovation is an innovation that satisfies customer needs and develops a competitive advantage through differentiation along one or more of the following:
Desired Product Features and Design, Size, Usability, Quality, Time, Price, Cost savings/Incremental Revenues.
In other words it is the implementation of new marketing method involving significant changes in product design or packaging, product placement, product promotion or pricing.

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