A change in the technique for producing an existing product is known as
A)product innovation.
B)investment.
C)invention.
D)an increase in productivity.
E)process innovation.

Question

Quizplus · Accepted Answer

Process innovation refers to a change in the technique used to produce an existing product, whereas product innovation (A) refers to the introduction of a new product or significant improvements to an existing one. Investment (B) is a broad term that can refer to various types of spending or allocation of resources. Invention (C) refers to the creation of a new product or process, not just a change in an existing one. An increase in productivity (D) could result from a process innovation, but it is not the same thing as the innovation itself.

A Change in the Technique for Producing an Existing Product