Business Innovation and Enterprise Quiz

What is the role of innovation and enterprise in business?

• To maintain traditional methods

• To ensure business survival and progress

• To reduce competition

• To eliminate technological advancements

According to Rowe (2008), how is innovation in business defined?

• A method to reduce costs

• A way to maintain existing products

• Something new that fills an untapped customer need

• A strategy to avoid competition

What does the creative process in business refer to?

• A random approach to problem-solving

• A staged approach to being innovative

• A method to copy competitors

• A way to reduce employee involvement

What is the initial stage of the creative process?

• Implementation

• Evaluation

• Preparation

• Execution

What is the purpose of the incubation stage in the innovation process?

• To implement the innovative idea

• To analyze potential ideas

• To make a decision on the idea

• To develop new products

During which stage is a decision made on the innovative idea to be taken forward?

• Incubation

• Implementation

• Illumination

• Development

What is the main focus of the implementation stage?

• Analyzing potential ideas

• Making a decision on the idea

• Putting the innovative idea into action

• Screening and evaluating ideas

What is the purpose of Booz, Allen, and Hamilton’s ‘New Product Process’?

• To create a new marketing strategy

• To minimize risk when developing products or services

• To increase sales of existing products

• To eliminate competition

What happens during the Screening and Evaluation stage?

• Ideas are put into action

• Ideas are generated

• Ideas are screened and evaluated for market potential

• Ideas are developed into products

Why is customer feedback crucial during the commercialisation stage?

• To reduce the cost of production

• To ensure the product meets customer expectations

• To find cheaper suppliers

• To increase the selling price