In entrepreneurship, what is the process of identifying a market need and developing a new or improved product or service to meet it called?
Answer and explanation
Correct answer: नवाचार (Innovation)
Innovation means applying a new or improved idea to create value. In entrepreneurship, it may involve a product, service, process, or business method that responds to a customer need or solves a problem better than existing choices. Job security, a complaint, and stable production do not describe this development process.
Frequently asked questions
What is the correct answer to this question?
नवाचार (Innovation)
Why is this the correct answer?
Innovation means applying a new or improved idea to create value. In entrepreneurship, it may involve a product, service, process, or business method that responds to a customer need or solves a problem better than existing choices. Job security, a complaint, and stable production do not describe this development process.
Which subject and chapter does this question cover?
This is a Class 11 Business Studies question. Chapter: MSME and Business Entrepreneurship. Topic: Entrepreneurship Development.
