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Questions and Answers
What does innovation encompass?
What does innovation encompass?
- Only idea generation and technology development.
- Idea generation, technology development, manufacturing, and marketing of a new or improved product or manufacturing process or equipment. (correct)
- Idea generation, technology development, and marketing of a new or improved product.
- Marketing of a new or improved product or manufacturing process or equipment.
What is the difference between creativity and innovation?
What is the difference between creativity and innovation?
- Creativity is the management of all activities involved in idea generation, while innovation is the successful implementation of those ideas.
- Creativity involves thinking of novel and appropriate ideas, while innovation involves the successful implementation of those ideas within an organisation. (correct)
- Creativity involves implementing ideas within an organization, while innovation involves generating novel and appropriate ideas.
- Creativity and innovation are synonymous and have no difference.
What is the importance of innovation?
What is the importance of innovation?
- It is considered the engine of growth and can provide growth regardless of the condition of the larger economy. (correct)
- It has no significant impact on economic growth.
- It is only important in stimulating economic growth during stable economic conditions.
- It is primarily a theoretical concept with little practical impact.
Who emphasized the importance of new products as stimuli to economic growth?
Who emphasized the importance of new products as stimuli to economic growth?
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What is the conceptual framework of innovation as per the text?
What is the conceptual framework of innovation as per the text?
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What is the purpose of business according to Milton Friedman?
What is the purpose of business according to Milton Friedman?
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Does ethical perception play a role in a brand's performance?
Does ethical perception play a role in a brand's performance?
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What is the minimal definition of ethics according to the text?
What is the minimal definition of ethics according to the text?
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What does ethical branding involve?
What does ethical branding involve?
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Is ethical behavior detrimental to a company?
Is ethical behavior detrimental to a company?
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Study Notes
Innovation
- Innovation encompasses processes, products, and services designed to be new or improved.
- It is a powerful driver of economic growth, societal advancement, and global competitiveness.
Creativity vs. Innovation
- Creativity refers to the ability to generate new ideas, while innovation focuses on implementing those ideas to create value.
Importance of Innovation
- Innovation fosters growth and prosperity by introducing new products, services, and business models that meet changing consumer needs and demands.
- Innovation helps companies stay ahead of the competition by promoting flexibility, adaptability, and responsiveness to market dynamics.
Joseph Schumpeter
- Joseph Schumpeter emphasized the importance of new products as stimuli to economic growth by proposing the concept of "creative destruction," where innovation disrupts existing industries and fosters economic progress.
Innovation Conceptual Framework
- Innovation is not always about inventing something completely new but can involve introducing existing technology to a new market, improving existing products, or developing new business processes.
Milton Friedman
- Milton Friedman regarded the purpose of business as maximizing profits for shareholders, advocating for a singular focus on financial returns.
Ethical Perception and Brand Performance
- Ethical perception plays a crucial role in a brand's performance, impacting consumer trust, loyalty, and overall brand image.
Ethics Minimal Definition
- Ethics, at its most basic definition, is about determining right and wrong actions concerning individuals, organizations, and society as a whole.
Ethical Branding
- Ethical branding involves establishing a brand identity that is consistent with values and principles that resonate with consumers, promoting transparency, social responsibility, and ethical practices throughout the supply chain.
Ethical Behavior and Company Performance
- Ethical behavior is not detrimental to a company's performance but rather can contribute to long-term success by building trust, fostering positive stakeholder relationships, and enhancing brand reputation.
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