RESEARCH ETHICS
COMMERCIALIZATION
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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new creations or the development and improvement of existing products.
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improved processes that reduce the cost of production for a business or industry.
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changes to the way production takes place.
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None of the above
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Detailed explanation-1: -A process innovation is the implementation of a new or significantly improved production or delivery method. This includes significant changes in techniques, equipment and/or software.
Detailed explanation-2: -There are six stages in the process of innovation: generating ideas, capturing ideas, beginning innovation, developing a business-effectiveness strategy, applying business improvement, and decline. Generating ideas is the exhilarating part of the process. It is best to do this in teams, rather than individually.
Detailed explanation-3: -Product innovation is the process of creating a new product-or improving an existing one-to meet customers’ needs in a novel way. There are three key types of innovation: Sustaining innovation, in which a business consistently provides the highest quality products to its best customers.