Innovation

Multiple Choice

Which of the following best describes the significance of innovation in business?

• It helps businesses differentiate themselves from competitors and add value to their products or services.

• It only focuses on reducing costs without considering new ideas.

• It discourages creative thinking and intuition in business activities.

• It limits the development of new products or services.

Multiple Choice

Which of the following best describes 'process innovation' as outlined in the lesson?

• Changing a product that already exists or developing an invention into a brand new product

• Changing a process of production that already exists or putting into practice a brand new production process

• Changing the way a service is provided, such as streaming of films

• Copying a competitor's product

Open Ended

List and briefly explain two ways businesses can increase efficiency or profitability, as mentioned in the lesson.

Multiple Choice

Kaizen requires which of the following to be successful?

• A highly motivated and committed workforce

• A focus on large, infrequent changes

• Only management involvement

• Ignoring Total Quality Management

Multiple Choice

Which of the following is NOT a characteristic of an entrepreneur according to the lesson?

• Creative and innovative

• Enthusiastic and motivated

• Good communication skills

• Prefers routine and avoids change

Multiple Choice

Which of the following is the correct sequence of steps in the benchmarking process as shown in the diagram?

• Identify areas that can be benchmarked, Collect quantitative data, Identify best practise, Compare performances, Set new targets, Implement procedures, Review progress

• Collect quantitative data, Identify areas that can be benchmarked, Compare performances, Set new targets, Implement procedures, Review progress, Identify best practise

• Identify best practise, Collect quantitative data, Identify areas that can be benchmarked, Compare performances, Set new targets, Implement procedures, Review progress

• Set new targets, Identify areas that can be benchmarked, Collect quantitative data, Identify best practise, Compare performances, Implement procedures, Review progress

Multiple Select

Which of the following are ways a business can add value?

• Manufacturing

• Marketing

• Technology

• Reducing employee wages

Open Ended

Explain how a business can add value to its products or services. Give at least two examples from the processed food market.

Multiple Select

Which of the following are sources of business ideas for entrepreneurs as described in the slides?

• Creative thinking

• Lateral thinking

• Blue sky thinking

• Copying competitors

Multiple Choice

Which of the following best describes the difference between innovation and enterprise in a business context?

• Innovation focuses on creating new products or services, while enterprise is about identifying opportunities and approaches to develop business activities.

• Innovation is only about improving profitability, while enterprise is about creative thinking.

• Enterprise is about product development, while innovation is about intuition.

• Innovation and enterprise are both strictly about exploiting new ideas.

Open Ended

How do innovation and enterprise contribute to the success of a business?

Open Ended

Name one innovative product or process in each of the following businesses/industries: Films, Mobile telephones, Footwear, Automotive, Watches, Gyms, Greeting cards, Supermarkets.