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What is the correct meaning of innovation in business?

Answer and explanation

Correct answer: Applying new and useful ideas

Innovation involves introducing and applying a new or improved idea, method, product, service, or process that creates useful value. Merely having an unusual idea is not enough unless it is put into practice and proves useful. Repeating mistakes, abandoning plans, or avoiding customers cannot be called innovation.

Related tags

InnovationBusiness-IdeaEntrepreneurshipEntrepreneurship DevelopmentMsme And Business EntrepreneurshipBusiness StudiesClass 11 Mcq

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