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.
Frequently asked questions
What is the correct answer to this question?
Applying new and useful ideas
Why is this the correct answer?
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.
Which subject and chapter does this question cover?
This is a Class 11 Business Studies question. Chapter: MSME and Business Entrepreneurship. Topic: Entrepreneurship Development.
