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Which one of the following best defines the term innovation? Select one answer - Edexcel - GCSE Business - Question 13 - 2017 - Paper 1
Question 13
Which one of the following best defines the term innovation? Select one answer. A Identifying a gap in the market for developing a new product B Spending money o... show full transcript
Worked Solution & Example Answer:Which one of the following best defines the term innovation? Select one answer - Edexcel - GCSE Business - Question 13 - 2017 - Paper 1
Step 1
C Transforming new ideas into products that can be marketed
Answer
The best definition of innovation among the provided options is highlighted in option C. Innovation primarily involves the process of taking new ideas and creating viable products or services that can be marketed. This entails not just the conception of new ideas but also the practical execution and commercialization of those ideas, making them accessible to consumers.