What term refers to the introduction of a new method or idea in business?

The term that refers to the introduction of a new method or idea in business is innovation. Innovation encompasses the development of new products, processes, or services that significantly improve performance or provide benefits that did not previously exist. This process is crucial for businesses aiming to enhance efficiency, capture new markets, or better meet consumer needs, as it allows them to stay competitive in a rapidly changing environment.

Innovation can take many forms, such as technological advancements, new marketing strategies, or the introduction of entirely new business models. It is characterized by creativity and the practical application of new ideas, which can lead to significant economic growth and the evolution of industries. By focusing on innovative practices, businesses can create value and drive progress within the economy.