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Innovation Concepts and Definitions

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Questions and Answers

What is the outcome of organizational innovation in commercial organizations?

Increased competitiveness (correct)

Decreased productivity

Improved employee morale

Reduced costs

What is the focus of the University for People, nature, Innovation & Entrepreneurship?

Creative work quality (correct)

Client satisfaction

Product innovation

Entrepreneurship training

What is the primary objective of Product Development Strategy (PDS)?

To test the viability of a product concept

To introduce an existing product into a new market

To introduce a new product into an existing market (correct)

To improve product quality

What is the process of turning a concept into a useful software product?

New Product Development (NPD) Signup and view all the answers

What is the importance of product planning in business?

To outline a new product's key attributes Signup and view all the answers

What is a key step in the New Product Development (NPD) process?

Determining the viability of the concept Signup and view all the answers

What is the outcome of introducing an existing product into a new market?

New market opportunity Signup and view all the answers

What is the primary goal of Product Development Engagement?

To develop new products Signup and view all the answers

What is the importance of diligent testing in product development?

To reduce the risk of product failure Signup and view all the answers

What is the outcome of meticulous product concept development?

Value innovation in the marketplace Signup and view all the answers