ITOD EXAM

What is the definition of innovation?

• Innovation refers to the elimination of outdated practices.

• Innovation is the introduction of something quite new or a change in a product, service, or monetary returns.

• Innovation is the introduction of something new or a change in a product, service, or process.

• Innovation is the process of maintaining existing products.

Explain the concept of design thinking.

• Design thinking is solely focused on aesthetic design.

• Design thinking is a AI-centered approach to innovation that focuses on understanding user needs and solving problems through an iterative process.

• Design thinking is a human-centered approach to innovation that focuses on understanding user needs and solving problems through an iterative process.

• Design thinking is a method used exclusively for marketing strategies.

What are the key components of an innovation strategy?

• Employee performance reviews

• Market trend analysis

• Key components of an innovation strategy include market needs identification, creativity culture, resource allocation, private equities, and idea generation processes.

• Key components of an innovation strategy include market needs identification, creativity culture, resource allocation, partnerships, and idea generation processes.

Describe the 4Ps framework in innovation.

• The 4Ps framework in innovation includes Product, Process, Position, and Paradigm.

• The 4Ps framework in innovation includes Product, Process, Position, and Profit.

• Product, Process, Position, and Performance

• Product, Process, Price, and Promotion

What are the stages of the innovation process?

• The stages of the innovation process are: Idea Generation, Idea Screening, Concept Development, Prototyping, Testing, Commercialization, and Post-launch Review.

• The stages of the innovation process are: Idea Generation, Idea Screening, Concept Development, Prototyping, Testing, Commercialization, and Implementation.

• Feedback Collection, Idea Refinement, Market Testing

• Idea Implementation, Market Analysis, Product Launch

How does empathy play a role in innovation?

• Empathy hinders innovation by creating emotional barriers.

• Empathy is irrelevant to understanding market trends.

• Empathy drives innovation by enabling a deeper understanding of user needs and fostering user-centered solutions.

• Empathy drives innovation by enabling a deeper understanding of user needs and fostering company-centered solutions.

What are the challenges in managing the innovation process?

• Increased market share

• Challenges include balancing creativity and structure, communication issues, resource allocation, resistance to change, and alignment with business goals.

• Challenges include balancing creativity and structure, communication issues, funding issues, resistance to change, overly friendly environment and alignment with business goals.

• Streamlined production processes

What is user innovation?

• User innovation is the development of new products or improvements by end users based on their own needs.

• User innovation is the development of new products or improvements by focus group users based on their own needs.

• User innovation is solely the work of professional designers.

• User innovation refers to the marketing strategies used by companies.

Differentiate between user-led innovation and producer-led innovation.

• User-led innovation is solely based on market research.

• User-led innovation involves end-users in the innovation process, while producer-led innovation is initiated by producers based on their convenience.

• User-led innovation involves end-users in the innovation process, while producer-led innovation is initiated by producers based on their insights.

• Producer-led innovation focuses exclusively on user feedback.

What is free innovation?

• Free innovation is only applicable in the tech industry.

• Free innovation is the creation of new ideas or products without financial incentives.

• Free innovation is funded by government grants.

• Free innovation requires a patent for protection.