consists of practices and processes that encourage the use of external as well as internal ideas and internal as well as external collaboration when conceiving, producing, and marketing new products and services.

Open innovation

Explanation:

Open innovation -

It refers to the practice of using the knowledge and information in a unique and innovative manner , is referred to as open innovation .

In a company or business , the method is used where various ideas for external as well as internal sources are used for the betterment of the goods and services of the company .

The method is important for the company in order to come up with good and innovative ideas , and increase the production of the company .

Hence , from the given information of the question ,

The correct answer is open innovation .

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