BUSINESS ADMINISTRATION
BUSINESS ENVIRONMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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New Idea
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Creativity
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Product Development
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Innovation
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Detailed explanation-1: -According to Business Dictionary, “product innovation” is defined as “the development and market introduction of a new, redesigned, or substantially improved good or service.” It’s not only about developing something new and original, it’s also about taking what’s already there and making it much better.
Detailed explanation-2: -Innovation is the practical implementation of ideas that result in the introduction of new goods or services or improvement in offering goods or services.
Detailed explanation-3: -Product innovation is important because it can help you create new spaces in a seemingly crowded market. By identifying the gaps and imposing yourself into a new space, you can find an audience and satisfy consumer needs in a way that is new and refreshing.
Detailed explanation-4: -Answer: A certain product is said to have value when there is demand in the market. Explanation: The value of a product depends on the market demand.