BTM454: Chap 3 Innovation Quiz

What is the definition of innovation according to the Cambridge Dictionary?

• A new idea or method, or the use of new ideas and methods

• The act of improving existing products

• A process of creating new technology

• A strategy for market dominance

Which of the following is NOT a type of innovation mentioned in the text?

• Radical

• Transformational

• Incremental

• Disruptive

What is the first stage of the innovation process?

• Feasibility Analysis

• Concept Development

• Identification of Opportunity or Problem

• Idea Generation

Which of the following best describes technology transfer?

• The protection of intellectual property

• The development of new technology

• The sale of technology to consumers

• The process of transferring technology from one organization to another

What is the primary purpose of patents?

• To manage intellectual property portfolios

• To ensure trademarks are registered

• To promote innovation by providing exclusive rights to inventors

• To protect artistic works

In the context of innovation, what does 'market pull' refer to?

• Demand from consumers driving innovation

• Technological advancements leading to new products

• Government regulations influencing innovation

• Research and development initiatives

What is a key characteristic of copyright?

• It protects inventions and discoveries

• It grants exclusive rights to creators of original works

• It is valid for an indefinite period

• It requires registration to be effective

Which of the following is a step in the technology commercialization process?

• Concept development

• Idea generation

• Feasibility analysis

• Market validation

What is the role of stakeholders in technology commercialization?

• To ensure compliance with regulations

• To manage intellectual property

• To facilitate the transfer of technology

• To provide funding only

How can organizations foster a culture of innovation?

• By avoiding risk-taking

• By focusing solely on market trends

• By encouraging creative thinking and collaboration

• By limiting employee input