INTRODUCTION TO ENTREPRENEURSHIP
ENTREPRENEURIAL PROCESS
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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New use or different application of an already existing product, service, or process
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Extension
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Evolution
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Procedures
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None of the above
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Explanation:
Detailed explanation-1: -Incremental innovation Most innovations are incremental, gradual and continuous improvements in the existing concepts, products or services in the existing market.
Detailed explanation-2: -Innovation is the process of developing a new idea or invention of a product or service that creates a value in the market for which the customer would pay for and satisfies the needs and expectations of the customer.
Detailed explanation-3: -Line-Extension Innovation – Line-extensions introduce new sub-categories within existing offering groups. Much of the infrastructure stays the same, but user-facing features or packaging changes sufficiently to create novel products and services.
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