the process of creating a new solution to an existing problem is valuable enough that consumers are willing to pay is referred to as:

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19-12-2022
Business

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the process of creating a new solution to an existing problem is valuable enough that consumers are willing to pay is referred to as:

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qwfish qwfish · Answer 1 · 2022-12-24T01:30:21-05:00

The answer is Innovation. It is the process of creating a new solution to an existing problem that is valuable enough that consumers are willing to pay.

Innovation is critical across all diligence; still, it's important to avoid using it as a buzzword and rather take time to completely understand the invention process. Innovation means successfully enforcing a new idea and creating value for your guests and stakeholders. Innovation starts with a new idea.

It could be a plan for an advanced product or service, an updated system for running your operations, and a new business model. It fosters growth, allows rigidity, and separates businesses from their competition. It can be worked out in four stages clarify, conceit, develop and apply.

Innovation is easier said than done. It frequently requires you to unite with others, overcome resistance from stakeholders, and invest precious time and coffers into generating results. It can also be largely discouraging because numerous ideas generated during creativity may not go anywhere.

To know more about Innovation,

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