ITPEC IP April 2026 Question 85

Innovation — the creation of an epoch-making business model or a reform in technology that brings new value to the market and society.

Innovation is more than invention: a new technology, product, process or business model is put into practice and changes how value is created. It covers product innovation (what is sold), process innovation (how it is made) and new business models, and is the central idea of managing technology strategy.

Answer (a)

Why not others:

• •(b) Migration — moving data, applications or a system from one environment to another, such as from an old system to a new one
• •(c) Real option — valuing an investment by treating future choices (to expand, delay or abandon) as options, as in financial option theory
• •(d) Revolution — a general word for drastic change; it is not the management term for creating new business models or technology reform

Key rule: Innovation means new ideas put to practical use that create value: a new product, process or business model, not the invention alone.

Technological Strategy Management · AI-written, may contain errors