Innovation Strategy Goals Quiz

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What is one of the key roles of an effective innovation strategy in an organization?

Encouraging isolation in innovation activities

Creating competition among different sections

Clarifying goals and priorities (correct)

Maintaining individual goals and priorities

Why must even innovative businesses continue to strategize and innovate?

To keep customers engaged over the long term (correct)

To reduce the need for collaboration

To maintain a focus on past successes

To align with short-term goals

What is a recommended approach for businesses to align their priorities with customer needs in product innovation?

Create a team dedicated to product innovation

Undertake effective market research (correct)

Ignore market research and focus solely on technological developments

Use reactive approaches exclusively in product development

Which activity can help businesses leverage new tools for developing products?

Keep track of technological developments Signup and view all the answers

What is emphasized as important regarding prototyping in product development?

Start prototyping early and update prototypes regularly Signup and view all the answers

How can an effective innovation strategy help prevent businesses from priding themselves on past success?

By outlining goals and priorities for innovation activities Signup and view all the answers

What are some drivers for innovation mentioned in the text?

Shorter product life cycles Signup and view all the answers

In developing and emerging economies, what is the basis for the innovation and learning process?

Adapting technologies and management practices from global knowledge Signup and view all the answers

What are some potential impacts that drive the innovation process?

Discontinuous innovation Signup and view all the answers

What are some challenges firms face that can act as drivers for innovation?

Sustainable development needs Signup and view all the answers

What can be a consequence of increased competition as a driver for innovation?

Higher levels of innovation to stay competitive Signup and view all the answers

Which factor is NOT mentioned as a driver for innovation in the text?

Longer product life cycles Signup and view all the answers

According to Gary Hamel, what is one way incumbents need to conduct radical business innovation?

Radically reconceiving products and services Signup and view all the answers

One reason why small start-ups increasingly depend on large firms is for:

Venture finance and exit opportunities Signup and view all the answers

Which of the following is NOT listed as a reason why large firms increasingly depend on small start-ups?

For access to established customer bases Signup and view all the answers

What is one of the new developments in innovation that raises new issues and problems?

Greater emphasis on commercializing scientific discoveries Signup and view all the answers

Which of the following is NOT mentioned as a way universities are becoming active drivers of innovation?

Licensing and patenting university research Signup and view all the answers

What does the text suggest about the current market environment?

Markets are dynamic and constantly evolving Signup and view all the answers