Podcast
Questions and Answers
Which of the following is NOT a factor contributing to the need for innovation?
Which of the following is NOT a factor contributing to the need for innovation?
- Financial pressures to reduce costs (correct)
- Shorter product life cycles
- Increased competition
- Stricter regulations
What is the term used to describe the process of finding new ideas to innovate brands?
What is the term used to describe the process of finding new ideas to innovate brands?
- Diversity
- Curiosity
- Collaboration (correct)
- Play
Which of the following technologies is NOT mentioned as a potential useful technology for innovation?
Which of the following technologies is NOT mentioned as a potential useful technology for innovation?
- Photography
- Electric cars
- Internal combustion engine (correct)
- Telephone
What is the term used to describe the increase in value of something?
What is the term used to describe the increase in value of something?
Which of the following is NOT mentioned as a factor contributing to the need for sustainable development?
Which of the following is NOT mentioned as a factor contributing to the need for sustainable development?
What are some of the factors that create financial pressures for organizations to innovate?
What are some of the factors that create financial pressures for organizations to innovate?
What are some of the factors that contribute to the need for sustainable development?
What are some of the factors that contribute to the need for sustainable development?
What are some potential technologies that organizations can leverage for innovation?
What are some potential technologies that organizations can leverage for innovation?
What are some characteristics or values that individuals and organizations need to embrace to foster innovation?
What are some characteristics or values that individuals and organizations need to embrace to foster innovation?
What term is used to describe the process of finding new ideas to innovate brands?
What term is used to describe the process of finding new ideas to innovate brands?
Flashcards
Value migration
Value migration
Transfer of value from old business models to new, more effective ones.
Financial pressures to innovate
Financial pressures to innovate
Pressures to cut expenses, improve efficiency, and achieve more with fewer resources.
Collaboration for innovation
Collaboration for innovation
Working with others to generate fresh concepts for brand innovation.
Factors driving sustainable development
Factors driving sustainable development
The process includes industry and community needs, increased demand for accountability, demographic, social and market changes, and rising customer expectations.
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Values that foster innovation
Values that foster innovation
Curiosity, diversity, play, failure, intuition, courage and collaboration.
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Innovation Factors and Processes
- Innovation is influenced by various factors including competition, market demands, and technological advancements.
- A systematic approach to generating new ideas for brand innovation is referred to as "ideation."
Value and Financial Pressures
- The increase in value of an asset or service is known as "appreciation."
- Financial pressures that drive organizations to innovate may stem from rising operational costs, competitive market dynamics, and shifting consumer preferences.
Sustainable Development
- Key factors that contribute to the need for sustainable development include environmental changes, resource scarcity, and regulatory pressures.
- Technologies facilitating innovation may include artificial intelligence, blockchain, and renewable energy solutions.
Embracing Innovation
- To cultivate an innovative spirit, individuals and organizations must adopt characteristics such as creativity, agility, risk tolerance, and a collaborative mindset.
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