Innovation Fundamentals INNO AND ENT.WEEK 15 JAN 25C

What is the definition of innovation according to Baregheh et al., 2009? Fill in the blank: "Innovation is the process of translating an idea or invention into a _____ or _____ that creates value."

• good; service

• plan; policy

• theory; hypothesis

• law; regulation

Which of the following is NOT a type of innovation listed in the 'Innovation Fundamentals'?

• Product Innovation

• Process Innovation

• Business Model Innovation

• Financial Innovation

List one type of innovation mentioned in the 'Innovation Fundamentals'.

• Product Innovation (or Process Innovation, or Business Model Innovation)

• Financial Innovation

• Cultural Innovation

• Environmental Innovation

Apple's iPhone revolutionised mobile technology by combining existing technologies in novel ways. (Yoffie and Baldwin, 2015)

• True

• False

A real-world example of innovation as described in the 'Innovation Fundamentals' is:

• The invention of the smartphone

• The use of traditional farming methods

• Repeating the same process without change

• Ignoring new technologies

Which innovation strategy creates new markets by challenging established business models, as exemplified by Netflix's streaming service disrupting video rental stores?

• Incremental Innovation

• Disruptive Innovation

• Open Innovation

• Radical Innovation

Which innovation strategy involves gradual improvements to existing products or services, such as Toyota's yearly vehicle model updates?

• Disruptive Innovation

• Open Innovation

• Incremental Innovation

• Breakthrough Innovation

Which innovation strategy involves collaborating with external partners, as seen in P&G's Connect + Develop programme sourcing 50% of innovations externally?

• Incremental Innovation

• Disruptive Innovation

• Open Innovation

• Closed Innovation

Which of the following is the first step in the Innovation Process?

• Selection

• Ideation

• Implementation

• Scaling

What is the main focus of the 'Selection' step in the Innovation Process?

• Generating creative ideas

• Evaluating and prioritising ideas based on feasibility, viability, and desirability criteria

• Developing prototypes

• Growing the innovation through market expansion