The development and introduction of new or improved goods and services is referred to as__________.
A) product innovation
B) process innovation
C) virtual processing
D) commercializing innovation

Question

Quizplus · Accepted Answer

The development and introduction of new or improved goods and services is referred to as product innovation. This can involve the creation of entirely new products or the improvement of existing ones. Process innovation, on the other hand, refers to the development and introduction of new or improved processes or ways of doing things within a business or industry. Virtual processing is not a commonly used term and does not relate specifically to innovation. Commercializing innovation could refer to the process of bringing innovative products or services to market, but it is not as precise a term as product innovation.

The Development and Introduction of New or Improved Goods and Services