A broad concept that holds all the activities that contribute to the efficient introduction and exploitation of new improved processes and products.Group of answer choicesInnovationInventionResearch and DevelopmentProduction

Innovation involves only the creation of new products, not the improvement of existing ones.Group of answer choicesTrueFalse

The act of creating something new and unique.Group of answer choicesProductionResearch and DevelopmentInventionInnovation

Process innovation focuses on improving how things are done.Group of answer choicesTrueFalse

Advances in technology create new products and lower the cost of producing existing products.

The introduction of a new or improved method for the production that adds value to the organization.Group of answer choicesNone of the aboveProcess InnovationService InnovationProduct Innovation