Lesson 1 & 2

What are the 2 types of Innovation?

• Incremental Innovation

• Radical Innovation

• Cultural or Organizational Innovation

• Disruptive Innovation

Answer explanation

Disruptive Innovation - is the result of the major changes in the ground rules of competition.

Incremental Innovation - continual improvements on anexisting product or service

What type of innovation is this?

• Incremental Innovation
• Disruptive Innovation
• Sustaining Innovation
• Radical Innovation

What type of innovation is this?

• Incremental Innovation
• Disruptive Innovation
• Architectural Innovation
• Radical Innovation

What does entrepreneurship involve?

• Starting and running your own business
• Working for a large corporation
• Being employed by the government
• Working as a freelancer

Entrepreneurship comes from what word?

• Enterpriser
• Entreprendre
• Entrepot
• Entree

Which of the following is NOT typically included in a company overview?

• Company's mission statement
• Company's history
• Company's financial performance
• Company's favorite color

How does the company overview section contribute to the overall business plan?

• It provides a detailed financial analysis
• It gives a brief history and mission of the company
• It lists the company's products and services
• It outlines the company's marketing strategy

What is the primary purpose of a company overview in a business plan?

• To provide a detailed history of the company
• To outline the company's marketing strategy
• To explain the company's financial projections
• To present a clear picture of the company, its goals, and how it fits into the industry

What does defining a target market in a business plan involve?

• Defining a target market involves choosing the color scheme for the business
• Defining a target market involves deciding the company's logo
• Defining a target market involves identifying and understanding potential customers for a product or service
• Defining a target market involves selecting the business location

What are the 4 market segmentation?

• Geographic, Demographic, Psychographic, Behavioral
• Age, Gender, Income, Occupation
• Product, Price, Place, Promotion
• Consumer, Business, Global, Nonprofit