Product Innovation

What does “product innovation” mainly refer to?

• Creating new laws

• Improving or developing new products

• Hiring more employees

• Selling old products at higher prices

Which of the following is an example of product innovation?

• A new smartphone model with better camera features

• Hiring a new manager

• Moving the office to a new location

• Reducing employee working hours

Why is product innovation important for companies?

• To make employees work harder

• To increase sales and stay competitive

• To reduce working hours

• To avoid training staff

Product innovation focuses mainly on:

• Government rules

• New or improved goods and services

• Paying higher salaries

• Building more factories

Which of the following is NOT an example of product innovation?

• A new electric car design

• A faster food delivery app

• A better chair design

• Changing company logo only

Who benefits the most from product innovation?

• Only the managers

• Customers and the company

• Only the government

• Only the suppliers

Which industry often relies heavily on product innovation?

• Technology (e.g., smartphones, laptops)

• Farming only

• Law firms

• Post offices

Which one is a key driver of product innovation?

• Customer needs and feedback

• Employee uniforms

• Office size

• Company location

Which statement is TRUE about product innovation?

• It always means creating something completely new.

• It can be either improving an existing product or making a new one.

• It is only about cutting costs.

• t is not important in business today.

A company launches a shoe that is lighter and more durable than previous models. This is an example of:

• Product innovation

• Price change

• Marketing strategy

• Employee training