Innovation involves Select one: a. a goal to be achieved O b. producing current products Oc. C. developing a new product O d. changing the size of a current product
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- Write INNOVATION if the statement is expressing innovativess, CONSISTENCY if expressing consistency and VERSATILITY if expressing versatility. 1. Creating and improving a new product like smartphone 2. Adaptation of the latest cell phone brand 3. A new light bulb with CCTV camera. 4. Continuity on the use of Facebook/ 5. Adding a new and exciting use for products1. The pattern of growing and declining sales in a product category over time is a. primary stage. b. product life cycle. c. development stage. d. introduction stage. 2. Your friend Kevin just bought a shirt and tie that you think are ridiculous, and you need to tell him politely that they just won’t work. You think back quickly to what you know from marketing about the customer experience. Which of the following would NOT be considered an individual influence of the customer experience that can help you figure out what to say? a. You know the store where he purchased it would exchange the shirt and tie if he explained why he needs to return it. b. You know he is old enough to make purchases on his own c. You know he can afford it. d. You know he is single and does not live with his family who might give him advice. 3. A valid marketing objective meets which of the following criteria? a. All of these b. It must be measurable. c. It must be specific d. It must be time-bound.Organization PQR applies external sources such as customer feedback, competitors and external agencies to solve their current innovation. What is the type of innovation used by this organization? А. Close innovation В. Novel innovation C. Open innovation D. Evolutionary innovation
- 3. Due to the environment and the needs of the customers are constantly changing, anentrepreneur needs to be able to improve different areas of their business to solveemerging problems and to keep creating new value for the customers. Knowing thetypes of innovations is essential to the business. a) Briefly explain the concept of incremental innovation.b) Describe any THREE (3) benefits of incremental innovation.The time lag between the initial introduction of an innovation and when it is then adopted for general use is known as: a) Diffusion bridge. b) Diffusion gap. c) Innovation gap. d) Diffusion rent. e) None of the above options are correct.The key disadvantage of open innovation is: Question 1 options: Difficulty to scare None of the options Low speed of research and development High cost The difference between fiscal management and tax evasion: Question 2 options: Is always clearly stated in the legislation Is always very obvious Is often hard to observe, but is clearly explained in the IFRS Is often determined on a case-by-case basis
- innovation managememnt question _ How can a firm ensure that the innovation strategy aligns with the broader strategic goals of an organization, and what techniques can a firm use to achieve this alignment?Formulating a strategy based on distinctive competencies provides the organization with a unique benefit that ___. Select one:a. helps the organization to progress smoothly through the marketing planb. allows the organization to gain advantage over its competitorsc. allows the organization to retain its internal and product-oriented focus for growthd. allows the organization to focus on products rather than the marketProvide a minimum of three references for each of the following sections: Innovation Overview (by John) Relevance (by Mary and so on) Impact Marketing Economics Investment Considerations Legal Implementation Future relevance Please use scholarly journals and textbooks for a minimum of 10 of your references. Technological products and services should not be more than 5 years old. Articles from Technical magazines are encouraged. Google scholar is another source.
- Formulate a creative business idea into an opportunity .• Think creatively about a product that had not yet hit the marketplace. Build or explain a prototype of the product, draw up a comprehensive Business Plan and do a group presentation on the business plan (product) which will explain to audience why you think the product will be successful in the marketplace and would fully appreciate the resources required and the potential for profit (elaborate) based on the creative business idea that was formulatedRegarding new product idea generation: Group of answer choices: A) from a marketing perspective, scientists and researchers are the ideal sources of ideas. B) most idea generation techniques are unstructured and supposedly free-flowing. C) the number of new product ideas generated should be very small to maintain quality. D) the brainstorming approach involves instant feedback and evaluation of ideas.6. For an innovation to be profitable, which factor is most essential? The technology underlying the product need not work The product must create value for the customer The Innovator must be a competitor All options are correct. 7. Which of the following is NOT part of process technology in manufacturing companies? Basic production equipment with advanced processes Fabrication Process The massive flow of materials throughout the supply chain The technologically advanced and extremely complex process 8. The knowledge where skills and abilities of an individual is gained through experience is known as? Explicit Knowledge Implicit Knowledge Tacit Knowledge All options are correct 9. Which among the following is the by-product of a hospital in Operations Management? Material Waste Clinical Waste Material Waste Heat Waste 10. Which among the following in the Ideas generation is NOT an external source? Surveys Customer Need Analysis Customer Suggestions Competitors