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Status Quo Bias versus Radical Innovation in Business Growth

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Status Quo Bias versus Radical Innovation in Business Growth

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Questions and Answers

Which of the following best describes the relationship between product innovations and the underlying process?

Product innovations are a completely unpredictable and chaotic process
Product innovations follow a linear process from idea to product
Product innovations require iteration and feedback loops to uncover crucial, often hidden aspects (correct)
Product innovations are solely driven by the corporate strategy and do not require any iteration or feedback

What is the primary purpose of Product Portfolio Management?

To strategically oversee and manage all the products within a company's portfolio (correct)
To allocate resources evenly across all product development projects
To maximize the number of new products developed by the company
To ensure that only the most profitable products are developed and launched

How does Product Portfolio Management help maximize a company's goals?

By allocating more resources to the most profitable products in the portfolio
By constantly introducing new products to the market, regardless of their strategic fit
By ensuring that only products that meet financial and strategic criteria are pursued (correct)
By prioritizing the development of products that are technologically advanced, even if they do not align with the company's strategy

What is the key benefit of an open-innovation approach to product development?

It enables the company to leverage external expertise and resources to uncover hidden aspects of the product (A) Signup and view all the answers

Which of the following is the most important factor in determining the success of a new product innovation?

The alignment of the new product with the company's overall corporate strategy (B) Signup and view all the answers

How does a bottom-up product platform strategy differ from a top-down approach?

Bottom-up strategies involve modifying product components to be shared across a family of products, while top-down strategies develop a family of products that share the same components (B) Signup and view all the answers