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</p> Signup and view all the answers

    What can innovation refer to?

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

    What is the primary goal of innovation?

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

    What are the key factors for innovation process design?

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

    What are the potential drawbacks of innovation?

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

    What does innovation refer to?

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

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