Importance of Innovation in Business
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Importance of Innovation in Business

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Questions and Answers

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

  • Build the value of your brand
  • Reduce costs
  • Be more competitive
  • Increase customer satisfaction (correct)

    • What is a business idea?

  • A concept for financial gain related to a product or service (correct)
  • An abstract idea unrelated to financial gain
  • A theory about improving productivity
  • A tangible product only

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

  • Phone-activated room keys (correct)
  • Virtual reality experiences for guests
  • Cloud-based reservation systems
  • Self-checkout kiosks

    • What is the first phase in the Design Thinking process?

    <p>Empathize</p> Signup and view all the answers

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

    <p>To enhance operational efficiency</p> Signup and view all the answers

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

    <p>Automated checkout services</p> Signup and view all the answers

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

    <p>Ideate</p> Signup and view all the answers

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

    <p>What value to create for the customer</p> Signup and view all the answers

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

    <p>Starting to create solutions</p> Signup and view all the answers

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

    <p>The logic of how a company operates</p> Signup and view all the answers

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

    <p>Providing personalized guest services</p> Signup and view all the answers

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

    <p>SWOT analysis</p> Signup and view all the answers

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

    <p>Identifying alternative strategies and solutions</p> Signup and view all the answers

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

    <p>Fulfills a customer need</p> Signup and view all the answers

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

    <p>Invention</p> Signup and view all the answers

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

    <p>Applying tools and techniques for change</p> Signup and view all the answers

    According to Drucker, what is innovation viewed as?

    <p>A purposeful and focused effort</p> Signup and view all the answers

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

    <p>Innovation</p> Signup and view all the answers

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