Chapter 8 Flashcards
What are the primary sources of innovation?
The primary sources of innovation include customers, competitors, suppliers, and internal R&D.
True or False: Innovation can only come from within a company.
False
Fill in the blank: ___________ is a source of innovation that involves new technologies developed internally.
Internal R&D
Which of the following is NOT a source of innovation? (A) Customers (B) Competitors (C) Investors (D) Suppliers
C) Investors
What role do customers play in the innovation process?
Customers provide feedback and insights that can lead to new product developments and improvements.
What is the term for innovation that stems from observing competitors?
Competitive intelligence
True or False: Supplier relationships can foster innovation.
True
Short Answer: Name one way that external partnerships can contribute to innovation.
By sharing knowledge and resources.
What is ‘open innovation’?
Open innovation is a model that encourages collaboration with external partners to drive innovation.
Fill in the blank: ___________ innovation occurs when a company adopts existing technologies from other industries.
Cross-industry
What is the significance of ‘user innovation’?
User innovation occurs when users create or modify products to better meet their needs, often leading to new market opportunities.
True or False: Innovation can happen in service industries as well as manufacturing.
True
What is the main benefit of utilizing customer insights for innovation?
It helps ensure that products and services meet market demands.
Multiple Choice: Which source of innovation focuses on advancements in technology and scientific research? (A) Internal R&D (B) User Innovation (C) Market Trends (D) Supplier Relationships
A) Internal R&D
What is a ‘disruptive innovation’?
Disruptive innovation refers to a process where a smaller company with fewer resources successfully challenges established businesses.
Fill in the blank: ___________ refers to the process of adopting and adapting innovations from other countries.
Global innovation
Short Answer: Describe one challenge associated with sourcing innovation from external partners.
Managing intellectual property rights.
True or False: Innovation solely relies on technological advancements.
False
What is the role of ‘market research’ in innovation?
Market research helps identify customer needs and trends that can inspire new product ideas.
Which of the following best describes ‘incremental innovation’? (A) Major breakthroughs (B) Small improvements to existing products (C) Completely new products (D) None of the above
B) Small improvements to existing products
What can be a consequence of ignoring competitor innovations?
Loss of market share and relevance.
Fill in the blank: ___________ involves encouraging employees to contribute ideas and solutions to foster innovation.
Employee engagement
True or False: Innovation is a linear process that follows a strict sequence.
False
Short Answer: What is the impact of having a diverse team on innovation?
Diverse teams bring varied perspectives that can enhance creativity and problem-solving.
Which source of innovation is driven by changing consumer preferences?
Market trends
What is the relationship between innovation and competitive advantage?
Innovation can provide a competitive advantage by differentiating products and services in the market.
