Innovation and Entrepreneurship
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Questions and Answers

What is an innovation?

  • The replication of existing products in different markets
  • The process of making minor adjustments to existing products
  • The development of new ideas without implementation
  • The implementation of a new or significantly improved product, process, marketing method, or organizational method (correct)

    • What is an important aspect of success in innovation according to the text?

  • Focusing on change for the sake of change
  • Maintaining core competencies without change
  • Responding fast to signals from outside the industry
  • Having the capabilities to manage good ideas (correct)

    • What does the text suggest about supply chain management and innovation?

  • Supply chain management hinders innovation
  • Supply chain management has no impact on innovation
  • Managing supply systems and upgrading them can stimulate innovation (correct)
  • Innovation is independent of supply chain management

    • Why do many small and medium-sized enterprises (SMEs) fail?

    <p>They fail to see the need for change</p> Signup and view all the answers

    What does the text imply about successful companies and core competencies?

    <p>Core competencies can make it hard for successful companies to accept the need for change</p> Signup and view all the answers

    What is an important aspect of success in innovation according to the text?

    <p>Having a good idea and the capabilities to manage it</p> Signup and view all the answers

    What does the text imply about the relationship between supply chain management and innovation?

    <p>Innovation is dependent on strong supply chain management</p> Signup and view all the answers

    Why do many small and medium-sized enterprises (SMEs) fail according to the text?

    <p>Resistance to change and innovation</p> Signup and view all the answers

    What is an innovation?

    <p>Implementation of a new or significantly improved product, process, marketing method, or organizational method</p> Signup and view all the answers

    What does the text suggest about successful companies and core competencies?

    <p>Core competencies can hinder successful companies' ability to adapt to change</p> Signup and view all the answers

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