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Questions and Answers

What is a key benefit of business model innovation?

Reducing research and development costs

Improving supply chain efficiency

Accessing new markets and customers (correct)

Increasing employee satisfaction

How did online travel agencies like Booking.com and Expedia disrupt the travel industry?

By developing a loyalty program for frequent travelers

By partnering with airlines to offer discounted flight tickets

By introducing virtual reality tours of travel destinations

By offering a centralized platform for booking various travel services (correct)

What is a key advantage of open innovation?

Lower marketing and advertising costs

Reduced need for internal research and development

Access to external expertise and resources (correct)

Increased employee retention rates

Which of the following is an example of a collaborative innovation model?

LEGO Ideas platform Signup and view all the answers

How can business model innovation help companies respond to changing market conditions?

By developing new revenue streams and business models Signup and view all the answers

Which of the following is a potential benefit of developing innovative products and services faster?

Gaining a competitive advantage Signup and view all the answers

What is the primary role of an innovation ecosystem?

To facilitate collaboration and knowledge sharing Signup and view all the answers

Which of the following is an example of business model innovation in the travel industry?

The rise of online travel agencies like Expedia Signup and view all the answers

How can open innovation help companies develop innovative products and services faster?

By accessing external expertise and resources Signup and view all the answers

Which of the following is NOT a potential benefit of business model innovation?

Disruption of existing supply chains Signup and view all the answers