Question
Consider the following statements regarding
Innovation: Innovation only refers to the creation of new products. Process innovation focuses on enhancing production methods or delivery techniques. Business model innovation includes redefining how value is created, delivered, and captured. Product innovation does not consider customer preferences. Which of the above statements are correct?Solution
Explanation: Statement 1 is incorrect because innovation encompasses new ideas, processes, and products, not just new products. Statement 2 is correct as process innovation focuses on enhancing methods or delivery techniques. Statement 3 is correct since business model innovation involves redefining value creation and delivery. Statement 4 is incorrect as product innovation highly considers customer preferences.
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