Which ONE of the following best defines the term innovation?
Select ONE answer:
- Identifying a gap in the market for developing a new product
- Spending money on the purchase of replacement equipment
- Transforming new ideas into products that can be marketed
- Applying for a patent on a recently developed new product
Show the workings to arrive at your answer, and explain and justify your reasons:
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This multiple choice question is suitable for Business Studies KS4 & KS3 classes
The answer is 3
- innovation is not knowing where the gap is.
- nothing to do with innovation.
- Correct – bringing a new idea onto the market is innovation.
- putting a patent on a product is not innovation.
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