Innovation Management Quiz

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Questions and Answers

What is innovation?

  • The development of new ideas without economic application
  • The implementation of old ideas to create economic value
  • The profitable implementation of new ideas (correct)
  • The application of existing products or processes

Why should companies innovate?

  • To reduce costs
  • To gain competitive advantage (correct)
  • To maintain the status quo
  • To avoid operational disturbances

What are the drawbacks of innovation?

  • Guarantees long term competitive advantage
  • Reduces risk
  • Disturbs both operations and logistics (correct)
  • Does not require significant investment

What are the critical factors for innovation process design?

<p>Innovation strategy, organisational structure, process and project management, 'Design &amp; Engineering' methodologies, supporting technologies (D)</p> Signup and view all the answers

What can innovation refer to?

<p>Market, service, process, product, value, business model, etc. (D)</p> Signup and view all the answers

What is the primary goal of innovation?

<p>Create value and gain competitive advantage (C)</p> Signup and view all the answers

What are the key factors for innovation process design?

<p>Innovation strategy, organizational structure, and process management (B)</p> Signup and view all the answers

What are the potential drawbacks of innovation?

<p>Disturbs both operations and logistics, costly, and risky (A)</p> Signup and view all the answers

What does innovation refer to?

<p>Market, service, process, product, value, and business model (A)</p> Signup and view all the answers

What should the innovation process be in order to be effective?

<p>Continuous, seamless, efficient, and correctly designed beforehand (C)</p> Signup and view all the answers

Flashcards

What is innovation?

The profitable implementation of new ideas.

Why innovate?

To gain competitive advantage in the market.

Drawbacks of innovation?

Disruptions to operations and logistics.

Critical innovation factors?

Innovation strategy, organizational structure, and process management.

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What innovation refers to?

Market, service, process, product, value, and business model.

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Primary goal of innovation?

To create value and gain a competitive advantage.

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Effective innovation process?

Continuous, seamless, efficient, and well-designed.

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What are innovation activities?

May include R&D, experimentation, and testing new concepts.

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