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Quiz! for formative assessment

6 terms·StudBud Administration

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Questions 6

Answers

1
How does incremental innovation differ from radical innovation?
Incremental innovation-small improvements. Radical innovation-major changes
Incremental innovation is only applicable to small businesses
Incremental innovation is less effective in creating value for customers
Radical innovation is primarily driven by external factors
2
In the context of innovation, what does "radical innovation" refer to?
Small adjustments to internal processes
Revolutionary changes that disrupt existing markets
Reducing the scope of business operations
Incremental improvements to existing products
3
What is the primary focus of product innovation?
Reducing operational costs
Creating new or improved products or services
Enhancing internal processes
Developing new markets
4
What is the key difference between invention and innovation?
Invention is a long-term process, while innovation is a short-term endeavor
Invention - creating something entirely new, Innovation- improving
Invention refers to physical products. Innovation refers to concepts
Invention is a business strategy, while innovation is a technical process
5
How does globalization impact the need for innovation in businesses?
It only impacts multinational corporations, not smaller businesses
It increases the need for innovation as competition becomes more global
It reduces the need for innovation as markets become more standardized
It has no impact on the need for innovation
6
Which of the following is an example of process innovation?
Developing a new marketing campaign
Expanding into a new geographical market
Introducing a new product line
Implementing a more efficient manufacturing process