Midterm Test

What would it look like if we wanted to summarize the two main innovation "ingredients" in a formula?

• Innovation = invention + commercialization.

• Innovation = creativity + commercialization.

• Innovation = creativity + customer voice.

• Innovation = invention + patenting.

What are the phases of the innovation process in the stage-gate model?

• Idea generation; Interaction with customers; Launch; Test and validation.

• Idea generation; Discovery; Scoping; Build business case; Developing; Test and validation; Launch.

• Idea generation; Market research, Developing; Test and validation; Launch.

• Idea generation; Build business case; Interaction with customers; Launch; Test and validation.

What is a product concept?

• A product concept is a rough idea of a new product lacking specific details.

• A product concept is a more detailed representation of the new product.

• A product concept is a marketing plan for an existing product.

• A product concept is a term used only in the context of services, not physical products.

What is the main aim of the market tests?

• To test the viability of the new product in a controlled and limited market environment.

• To make immediate profits from the product.

• To keep the product's features and benefits a secret from potential customers.

• Gather relevant or related data from competitors' reactions that inform product development or marketing strategies.

Which of the following sentences is false?

• Strategic decisions are taken early in the process when launching a new product.

• When launching the new product, tactical launch decisions are taken later in the process.

• When launching a new product to stimulate buzz among customers is irrelevant.

• Test customers may be used as launch customers when launching the new product.

New product announcements aim to:

• Discourage suppliers to develop new components.

• Discourage companies to develop complementary products.

• Create excitement with customers.

• Encourage the competition.

What are the components of creativity?

• Experience, creative-thinking skills and motivation.

• Experience, creative-thinking skills, motivation, and external rewards.

• Experience, creative-thinking skills, motivation, and unlimited freedom and resources.

• Experience, creative-thinking skills, motivation, and social recognition.

Which of the following factors does not influence innovation success?

• Marketing and management synergy.

• Marketing communications and launch.

• Be the first to market.

• Market need, growth and size.

What is the disadvantage of being first to market?   

• High technological and market uncertainties.

• Use of more advanced technology.

• Technological leadership.

• Create technological standards.

When is it better to include the "voice of the customer" in the innovation process?

• During the Idea Development, it enriches the number of ideas at the beginning of the process.

• During the Scoping, it ensures the new product's scope aligns with customers' needs.

• During Test and Validation, new products are checked in a real customer environment.

• During each of the innovation process stages.