Innovating Products and Services to Meet New Needs

Innovation helps businesses stay ahead of competitors by:

• introducing new products and improving processes

• reducing the number of employees

• ignoring market trends

• focusing only on existing products

Businesses develop new products and services for which of the following reasons?

• To meet changing customer needs and stay competitive

• To reduce their workforce

• To avoid paying taxes

• To eliminate all competition

Fill in the blank: The stage in the project development process where new ideas are captured is called _________.

• Idea generation

• Project closure

• Risk assessment

• Resource allocation

Fill in the blank: The stage in the project development process where ideas not worth taking forward are screened out is called _________

• Idea distillation

• Idea generation

• Product launch

• Market testing

Fill in the blank: The stage in the project development process where a prototype product or pilot service is created is called _________.

• Concept development

• Market analysis

• Commercialization

• Idea screening

Which stage in the project development process involves testing the product in a real market environment?

• Idea generation

• Idea screening

• Market testing

• Commercialization

Fill in the blank: The process of introducing a finished product to the market is known as _________.

• Idea distillation

• Commercialization

• Concept development

• Market analysis

Why is idea screening an important step in new product development?

• It focuses only on marketing strategies

• It increases the number of ideas generated

• It helps eliminate unfeasible ideas early in the process

• It ensures immediate product launch

What is one main reason businesses focus on innovation?

• To copy their competitors

• To lower their employee numbers

• To create new and better ideas

• To make advertisements

Which of the following is an example of how innovation has improved lives?

• Reducing staff meetings

• Creating new packaging

• Apple creating the iPhone

• Changing store locations