BSEE-3C Prelim Exam

Key Elements in Managing Innovation

• Product, Process, Service

• Strategy, System, People

• Strategy, Process, System

Sources of Innovation

• Research and Development

• Manufacturing and Production

• Organizational Structure

Features of Innovation

• Most innovations are in fact created by making improvements to existing things. Indeed, there are few totally new innovations.

• Innovation need not fulfill any useful customer need and need not include the exploitation of the concept in the marketplace.

• Innovations can take place at the spark of light or can take a generation of experiments.

An invention is usually a “thing”, while an innovation is usually an invention that causes changes in behavior or interactions.

• True

• False

Invention is about creating something new, while innovation introduces the concept of “use” of an idea or method.

• True

• False

Long Hours of Work and Unwanted Responsibilities

• Rewards

• Roles

• Risks

Express Creativity and Feel Fulfilled

• Rewards

• Risks

• Roles

Bring about employment, improve the quality of life and contribute to a wider distribution of income

• The entrepreneur takes risks

• The entrepreneurs help build the nation

• The entrepreneur innovates

Staffing and Directing

• Promotional Functions

• Managerial Functions

• Entrepreneurial Functions

Discover an idea and Assemble the requirements

• Commercial Functions

• Entrepreneurial Functions

• Promotional Functions