What is product focused innovation?

Create a product, find a market, assumpting it is what the customers want

Which is not disadvatage of Trademarks?

The company has exclusive rights to use it nationwide

What is Intellectual Property (IP)?

Describes the legal protection of an idea in something made or created.

What are the four sections to Ansoff Matrix

Market penetration, Diversification Product and Market development.

What is process innovation?

Making changes to how a product is produced or how a service is carried out

Practical application of inventions into marketable products or services

What are Strategies to not build an innovative culture?

Have multiple levels of bureaucracy

Which is not an Internal forces for change?

To decrease motivation and work rate of employees

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L3 internal factors

15 termsStudBud Administration44 plays

Topic 1 revision questions

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Questions 15

Answers

1
Copyright is for the creators lifetime only
False
True
2
Production innovation can be done two ways
False
True
3
What is product focused innovation?
Research customers needs and design a product to meet those needs
Create a product, find a market, assumpting it is what the customers want
4
Change management is the process managers/leaders take to plan, carry out and assess how change impacts a company
True
False
5
Which is not disadvatage of Trademarks?
The company has exclusive rights to use it nationwide
Weakest form of IP as it protects just marketing concepts
Costs time and funds to trademark a product
Owner will have to pay fee for renewal
6
What is Intellectual Property (IP)?
Describes the way in which a product could be safeguarded
Describes the legal protection of an idea in something made or created.
Describes the legal protection of anything.
7
The closely guarded formula for making Coca-Cola is an example of what type of IP?
Copyright
Trade secret
Patent
Trademark
8
Patent protection means that the invention cannot be made, used, distributed or sold without the owner's consent
True
False
9
What are the four sections to Ansoff Matrix
diversification Product and Market development, Market participation.
Market penetration, Development, Product and Market intergration
Market penetration, Diversification Product and Market development.
Market and Product penetration, diversification, Product development.
10
Which is not a risk of being innovative?
Length of time it takes to develop a new product/service
Lack of ability to finance research and development
Product/service may fail
Lack of Competition
11
What is process innovation?
Making changes to how the product is made
Making changes to how a product is produced or how a service is carried out
Make no changes to the product or service
Make changes to how a service is carried out
12
What is innovation?
Practical application of inventions into marketable products or services
Taking something old and remarketing it
Making a product to selll on the market
13
What are Strategies to not build an innovative culture?
Develop a tolerance for risk and failure
Have multiple levels of bureaucracy
Open communication
Make sure of recognition and rewards are consistent
14
Which is not an Internal forces for change?
Conflict between departments
To decrease motivation and work rate of employees
The need for greater flexibility in organisational structures
Desire to increase profitability
15
Which is not an external forces for change?
Technological change
Less Competition
Legislation & taxes
Globalisation

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