Asked by Geovanna Valdivieso on Sep 26, 2024
Verified
____ refers to the time it takes to turn a new idea into a product that satisfies consumer demand.
A) Innovation lag
B) Developmental decay
C) Creativity lapse
D) Innovation drag
E) Demand slack
Innovation Lag
The delay between the introduction of a new idea, process, or product and its acceptance or implementation in the market or society.
New Idea
A novel concept, thought, or innovation that has not been previously implemented or explored.
Consumer Demand
The desire and willingness of consumers to purchase goods and services at a given price.
- Acknowledge the significance of timing in making business decisions and introducing new products.
Verified Answer
TV
Thanh V??ng1 day ago
Final Answer :
A
Explanation :
Innovation lag refers to the time it takes for a new idea or technology to become widely adopted and integrated into society. It can also refer to the time it takes for an idea to be turned into a product that satisfies consumer demand. The lag time can be influenced by a variety of factors, such as regulatory hurdles, market conditions, and the level of investment and resources devoted to the innovation process.
Learning Objectives
- Acknowledge the significance of timing in making business decisions and introducing new products.
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