Innovation Management and New Product Development Quiz

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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?

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?

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?

Schumpeter Signup and view all the answers

What is the conceptual framework of innovation as per the text?

Innovation = theoretical conception + technical invention + commercial exploitation Signup and view all the answers

What is the purpose of business according to Milton Friedman?

To make money and increase stockholder value Signup and view all the answers

Does ethical perception play a role in a brand's performance?

Yes, ethical perception can positively impact a brand's performance Signup and view all the answers

What is the minimal definition of ethics according to the text?

Don't steal, don't kill, don't lie Signup and view all the answers

What does ethical branding involve?

Positioning your brand as having an ethical reputation Signup and view all the answers

Is ethical behavior detrimental to a company?

No, ethical behavior often helps the company make more money Signup and view all the answers

Innovation Management and New Product Development Quiz

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Questions and Answers

What does innovation encompass?

What is the difference between creativity and innovation?

What is the importance of innovation?

Who emphasized the importance of new products as stimuli to economic growth?

What is the conceptual framework of innovation as per the text?

What is the purpose of business according to Milton Friedman?

Does ethical perception play a role in a brand's performance?

What is the minimal definition of ethics according to the text?

What does ethical branding involve?

Is ethical behavior detrimental to a company?

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