What does 'value capture' refer to in the context of innovation?

Extracting financial benefit from innovation

What is an example of technological breakthrough innovation?

Applying new tech to improve performance

Which of the following best describes disruptive innovation?

Innovation that creates a new market and disrupts existing ones

What is a major challenge of focusing too much on exploration in innovation?

Ideas might not reach the market

What is a key difference between creativity and innovation?

Creativity is about new ideas, innovation requires economic value

Why is customer feedback important in innovation?

It helps refine and improve products

What is the purpose of a business model in the exploitation phase?

To create and capture value from innovation

Which is a characteristic of radical innovation?

It fundamentally changes an industry

What does the term 'creative destruction' refer to?

Dismantling old practices for innovation

What is a primary goal of R&D management in innovation?

Selecting ideas with market potential

What role does technology play in innovation?

It enables and accelerates innovation

What is the purpose of a business model?

To describe how a company creates, delivers, and captures value

What is an example of incremental innovation?

Updating a smartphone’s camera quality

What is an example of an incremental innovation?

A minor improvement to an existing product

It allows for testing and iteration

What is the role of knowledge in innovation?

Integrating information, theory, and experience

A fundamental change in business strategy

What is the relationship between learning and creativity?

They are interrelated processes

What is an example of an open innovation strategy?

Collaborating with external partners

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INN262 Topic 1 Quiz + INN QUIZ

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Questions 40

Answers

1
What does 'value capture' refer to in the context of innovation?
Extracting financial benefit from innovation
The price set for the product
The innovation life cycle
How customers perceive innovation
2
15
Lack of market need
Excessive competition
Too much funding
Government regulations
3
What is an example of technological breakthrough innovation?
Incremental refinement
Applying new tech to improve performance
Merging existing technologies
Discovering new scientific principles
4
17
Spend-Big-To-Grow
Launch-Without-Feedback
Build-Measure-Learn
Perfect-Then-Launch
5
Which of the following best describes disruptive innovation?
Innovation that creates a new market and disrupts existing ones
Gradual improvement of existing products
An innovation that only benefits existing customers
A marketing strategy
6
What is a major challenge of focusing too much on exploration in innovation?
Products become obsolete
Ideas might not reach the market
Companies might become inefficient
It increases research costs
7
Which type of firm is more likely to favor exploitation over exploration?
Freelancers
Startups
Entrepreneurs
Large, well-established firms
8
What is a key difference between creativity and innovation?
Creativity and innovation are the same
Creativity is about new ideas, innovation requires economic value
Creativity is about art, innovation is about business
Innovation always requires creativity
9
Why is customer feedback important in innovation?
It eliminates competition
It guarantees immediate success
It helps refine and improve products
It is unnecessary for established companies
10
Which factor contributes to the necessity of innovation in modern businesses?
Government regulation
Global competition
Economic stability
Changing consumer behavior
11
What is required for an idea to be considered an innovation?
Market demand
Technical feasibility
Economic value
Being different
12
Which company is known for disruptive innovation?
A local taxi service
Uber
A bookstore
A traditional newspaper
13
What is the purpose of a business model in the exploitation phase?
To create and capture value from innovation
To develop technology
To market a new product
To increase R&D spending
14
Which of these is a characteristic of a successful innovation?
Rapid adoption
Market saturation
High production cost
Strict patent protection
15
Which element is NOT part of the Business Model Canvas?
Value Proposition
Customer Segments
Employee Benefits
Revenue Streams
16
Which is a characteristic of radical innovation?
It fundamentally changes an industry
It only affects small businesses
It is a minor improvement on existing products
It has no market impact
17
What does the term 'creative destruction' refer to?
The risk of investment
Dismantling old practices for innovation
The failure of large companies
A new way to structure businesses
18
What is a primary goal of R&D management in innovation?
Selecting ideas with market potential
Maximizing short-term profit
Avoiding innovation risk
Eliminating outdated processes
19
What role does technology play in innovation?
It enables and accelerates innovation
It makes traditional business models obsolete
It replaces the need for creativity
It prevents market competition
20
What is the primary focus of INN262?
Innovation
Software Development
Cybersecurity
Data Science
21
Which of the following is a key factor in the diffusion of innovation?
Scientific discovery
Government intervention
Relative advantage
Marketing budget
22
What is the purpose of a business model?
To dictate company policies
To limit innovation
To describe how a company creates, delivers, and captures value
To describe employee roles
23
Which phase of innovation focuses on spreading an innovation to users?
Business strategy
Exploitation
Diffusion
Knowledge acquisition
24
Which phase of innovation involves idea generation and experimentation?
Implementation
Diffusion
Exploitation
Exploration
25
What is an example of incremental innovation?
Updating a smartphone’s camera quality
Developing artificial intelligence
Creating the first smartphone
Inventing the internet
26
What is an example of an incremental innovation?
Creating a whole new market
A failed attempt at innovation
A completely new invention
A minor improvement to an existing product
27
Which of these is a model of invention?
Classic model
Patented invention
Open model
Corporate model
28
Which of the following is NOT a type of innovation?
Radical innovation
Incremental innovation
Disruptive innovation
Passive innovation
29
Which of these is NOT a common source of innovation?
Technological advancements
Customer feedback
Ignoring market needs
Market trends
30
20
It guarantees success
It allows for testing and iteration
It prevents market changes
It eliminates competitors
31
What is a key characteristic of a startup?
Large initial investments
Guaranteed success
Rapid growth potential
Immediate profitability
32
What is a characteristic of breakthrough innovation?
A dramatic technological leap
Gradual adoption by the public
A minor enhancement of an existing product
A gradual change over time
33
What is the role of knowledge in innovation?
Using random experimentation
Integrating information, theory, and experience
Limiting competition
It makes companies less innovative
34
18
A minor design tweak
A temporary marketing campaign
A fundamental change in business strategy
An advertising technique
35
Which of the following is NOT a methodology of innovation?
Incremental improvement
Breakthrough technology
Business model transformation
Random chance
36
What is the relationship between learning and creativity?
One depends on the other
They compete against each other
They are completely separate
They are interrelated processes
37
What is an example of an open innovation strategy?
Avoiding customer involvement
Collaborating with external partners
Ignoring competitor strategies
Keeping all research in-house
38
16
High expenses
Strict corporate rules
Lack of competition
Market demand
39
19
McDonald's
Dropbox
Amazon
IBM
40
What does MVP stand for in product development?
Most Valuable Player
Market Viability Plan
Maximum Value Proposition
Minimum Viable Product

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