Importance of Innovation in Business

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18 Questions

Which of the following is NOT a source of business ideas according to the text?

Increase customer satisfaction

What is a business idea?

A concept for financial gain related to a product or service

In the hospitality and tourism industry, what is an example of wearable technology?

Phone-activated room keys

What is the first phase in the Design Thinking process?

Empathize

What is the purpose of using Cloud / SaaS (Software as a Service) in the hospitality industry?

To enhance operational efficiency

Which innovation in the hospitality industry involves Internet of Things (IoT) applications?

Automated checkout services

What is an essential step in Design Thinking that involves challenging assumptions and generating ideas for innovative solutions?

Ideate

According to Peter Drucker, what is a key aspect a business model should address?

What value to create for the customer

Which of the following best describes the purpose of Prototyping in the Design Thinking process?

Starting to create solutions

In the context of Business Model, what does Alexander Osterwalder's Business Model Ontology primarily focus on?

The logic of how a company operates

What role does Artificial Intelligence (AI) play in the hospitality and tourism industry based on the text?

Providing personalized guest services

Which analysis is useful for understanding both micro and macro factors in generating business ideas?

SWOT analysis

What is a common outcome of challenging assumptions and redefining problems during the Design Thinking process?

Identifying alternative strategies and solutions

What characteristic should promising business ideas have according to the text?

Fulfills a customer need

Which term refers to the creation of a product or introduction of a process for the first time?

Invention

What is the core concept of innovation as applied in any organization?

Applying tools and techniques for change

According to Drucker, what is innovation viewed as?

A purposeful and focused effort

Which term refers to applying new ideas or improvements that lead to increased value in a firm's activities?

Innovation

Explore the significance of innovation in business, including idea generation, sources of business ideas, and types of innovation. Discover how innovation can lead to financial gain, increased productivity, reduced costs, enhanced competitiveness, and more.

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