Backward Innovation Is When a Company Produces a Drastically Simplified

question 17

True/False

Backward innovation is when a company produces a drastically simplified version of a product due to lack of purchasing power or usage conditions.

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Definitions:

Sustainability Activities

Initiatives or efforts designed to maintain ecological balance, promote environmental stewardship, and ensure that resources meet current needs without compromising the ability of future generations to meet theirs.

Economic Growth

An increase in the production of goods and services in an economy over a period of time, typically measured by GDP.

Natural Resources

Materials or substances occurring in nature which can be exploited for economic gain, such as minerals, forests, water, and arable land.

Megacities

Urban areas with a population exceeding 10 million people, typically experiencing significant economic, social, and infrastructural challenges and opportunities.