Understanding Innovation

To maintain the status quo of a domain, product, or service

To disregard the need for change and improvement

To improve or replace something, such as a process, product, or service (correct)

To replicate existing processes, products, or services

As 'the maintenance of traditional values'

As 'a new or changed entity realizing or redistributing value' (correct)

As 'the creation of entirely novel ideas'

As 'the replication of existing processes'

Innovation involves the practical implementation of an invention (correct)

Invention is not related to the introduction of new goods or services

Innovation is solely about creating new ideas

Invention focuses on renewing existing products or services

<p>A focus on newness, improvement, and spread of ideas or technologies</p> Signup and view all the answers

<p>Through the development of more effective products, processes, services, technologies, art works or business models</p> Signup and view all the answers