Topic 5 - Invention and Innovation

What is the fundamental difference between an invention and an innovation?

• Invention refers to creating a product for the first time, while innovation involves improving an existing product or service.

• Invention is driven by the desire to make money, while innovation is driven by personal interest.

• Invention is a solitary process, while innovation requires teamwork.

• Invention applies to tangible products, while innovation applies to intangible assets.

In which phase of the Product Life Cycle are most of complementary products usually introduced?

• Introduction/Launch

• Growth

• Maturity

• Decline

What is the key characteristic of a disruptive innovation?

• It challenges existing companies to embrace technical change.

• It involves a significant improvement in the method of production.

• It relies on the modification of key components to enhance the product.

• It introduces a new or improved product that meets consumer needs.

What role requires business acumen, self-control, self-confidence, and a sense of urgency?

• The Lone Inventor

• The Product Champion

• The Entrepreneur

• The Innovator

In the context of innovation, what does the term "diffusion" refer to?

• The process of slowing down the adoption of a new idea in the market

• The theory explaining how new ideas spread through cultures

• The act of creating a practical application for a new idea

• The process of generating creative concepts

What innovation strategy emerges from a technological development or scientific research, leading to a new design?

• Technology push

• Market pull

• Configurational innovation

• Radical innovation

Which of the following is an example of a sustaining innovation?

• The introduction of assembly line production in the automobile industry

• The development of the iPod that revolutionized music consumption

• The creation of an automated production line for car manufacturing

• The release of new generations/versions of a product with improved features

Which of the following inventors can be categorized as a "lone inventor"?

• Thomas Edison

• Nikola Tesla

• James Dyson

• Michael Faraday

Designers often produce ideas for products in response to market forces. What is this called?

• Technology push

• Market pull

• Architectural innovation

• Disruptive innovation

What type of obsolescence occurs when a product is no longer desirable due to changing fashion trends?

• Planned Obsolescence

• Style (Fashion) Obsolescence

• Functional Obsolescence

• Technological Obsolescence