GK
MARKETING MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Introduction of novel production process
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Improvement and development of existing firm
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Improvement and development of existing process
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All of the above
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Detailed explanation-1: -Product innovation is probably the most common form of innovation and it refers to improvements in performance characteristics and attributes of the product.
Detailed explanation-2: -Incremental Innovation is the most common form of innovation. It utilizes your existing technology and increases value to the customer (features, design changes, etc.) within your existing market. Almost all companies engage in incremental innovation in one form or another.
Detailed explanation-3: -Innovation generally refers to changing processes or creating more effective processes, products and ideas. For businesses, this could mean implementing new ideas, creating dynamic products or improving your existing services.
Detailed explanation-4: -The Four Key Elements of Innovation: Collaboration, Ideation, Implementation and Value Creation.