Business Innovation

Innovation is the ability to apply creative solutions to those problems and opportunities in order to enhance people’s lives or to enrich society.

• True

• False

The location of the business is a possible strength factor.

• True

• False

Creativity is the ability to come up with new ideas and to identify new and different ways of looking at a problem and opportunities.

• True

• False

Innovative companies require their employees to:

• Be selfish

• Seek new opportunities

• Reluctant to take risks

• Isolated work environment

Global expansion in a company is an example of a(n)

• Strength

• Weakness

• Opportunity

• Threat

A company has a strong brand name, this would be a(n)

• Strength

• Weakness

• Opportunity

• Threat

When a business innovates they may

• come up with new ways of doing things

• alter an existing product to make it more appealing to consumers

• adopt new technological processes

When a business uses differentiation as a strategy to achieve competitive advantage they

• try to make their product stand out and be unique

• try to produce a product that is very similar to a competitor but for a cheaper price

• focus on quantity over quality

• all answers are correct

______________________ is the practical application of new inventions into marketable products or services.

• Innovation

• Thinking

• Imagination

• Invention

Market share is...

• the portion of a market controlled by a particular company or product.

• how many shares someone owns in the market.

• the amount of people a company shares its profits with in the market.

• All of the above.

Tags

Economics