MGT 315 - CHAPTER 6

What is the definition of innovation skills?

• The creation of new products and technologies

• The act of putting something new into action

• The process of generating and implementing a new idea

• The ability to create something novel

Who introduced the initial concept of innovation in 1934?

• Joseph Schumpeter

• Alexander Graham Bell

• Wilbur and Orville Wright

• Thomas Alva Edison

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

• Transformational innovation

• Radical innovation

• Discontinuous innovation

• Incremental innovation

What is the primary goal of incremental innovation?

• To create entirely new markets

• To develop new technologies

• To improve existing products or services

• To disrupt existing business models

How does innovation help businesses remain competitive?

• By introducing innovative ways to capture target market attention

• By reducing product prices

• By limiting product offerings

• By increasing employee turnover

What is the first step in the innovation process?

• Advocacy and Screening

• Idea Generation and Mobilization

• Diffusion and Implementation

• Commercialization

Which principle of business innovation emphasizes starting small?

• Innovation Should Aim at Leadership

• Innovation Should Be Simple and Focused

• Innovation Should Start Small

• Analyze the Sources of Innovation for Opportunities

What is an example of radical innovation mentioned in the text?

• The introduction of the iPhone

• The creation of a new coffee blend

• Incremental improvements to a product

• The development of a new marketing strategy

What does the term 'disruptive innovation' refer to?

• Innovations that are only incremental

• Innovations that create new markets

• Innovations that simplify products for ignored markets

• Innovations that improve existing products

According to the text, what is a characteristic of innovative businesses?

• They tend to grow more slowly than their counterparts

• They avoid entering new markets

• They typically expand into new or adjacent categories

• They focus solely on cost-cutting measures