ECONOMICS
ENTREPRENEURS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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1. Creating or finding old products
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2.Creating new methods of production
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3. Working in existing markets only.
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4. Using existing sources of raw material
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Detailed explanation-1: -Production Innovation-can be defined as “a process that drives the matching of enabling technologies and methods with new manufacturing applications and challenges to create value for the manufacturing enterprise” [5, 6].
Detailed explanation-2: -Product innovation involves creating new products or improved versions of existing products that increase their uses. This innovation can be in the product’s own functionality, or it can take the form of new technology.
Detailed explanation-3: -Innovation is defined as: a) the commercialization of a new product or process. b) the invention of a new product or process. c) a new product or process idea. d) the implementation of a new production method.
Detailed explanation-4: -We work to uncover, analyse and test new ways of supporting innovation from across sectors and around the world. These techniques, tools and processes are collectively known as innovation methods. The next generation of innovators will have a vast new range of opportunities compared to the last.