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

The term that best describes the introduction of a new method or idea in business is innovation. Innovation signifies the development and implementation of novel ideas, processes, or products that enhance efficiency, create new markets, or improve existing services. It plays a crucial role in business as it drives competition and economic growth, allowing companies to differentiate themselves from competitors and better meet the needs of consumers.

Imitation refers to the practice of copying or replicating existing methods or ideas rather than creating something new. Adjustment generally implies making small improvements or changes to existing practices, rather than introducing an entirely new concept. Transformation suggests a fundamental change or shift in an organization's practices or strategies, which can certainly involve innovation, but does not solely focus on the introduction of new methods or ideas. Hence, innovation is the most precise term to capture this concept.