LESSON 2: CONCEPT OF INNOVATION MANAGEMENT

Question 1

systematic process of managing an organization’s innovation procedures starting from the generation of ideas to implementation

Answer 1

innovation management

Question 2

effectively

Answer 2

attainment of goals

Question 3

efficiently

Answer 3

maximizing output without minimizing the input

Question 4

involves utilizing tools, methodologies and strategies to stimulate innovation in a way that aligns with the org’s goals and resources

Answer 4

innovation management

Question 5

key concepts of innovation management

Answer 5

systematic process
idea generation
execution and implementation
alignment with organizational goals

Question 6

requires a structured approach to harness creativity and move it toward practical outcomes

Answer 6

systematic process

Question 7

starting point of innovation management where new ideas are conceptualized from various sources

Answer 7

idea generation

Question 8

once ideas are generated, they are refined, tested, and implemented

Answer 8

execution and implementation

Question 9

innovation should drive the organization toward by creating value, improving efficiency, or meeting consumer needs

Answer 9

alignment with organizational goals

Question 10

role of innovation management in business

Answer 10

fostering creativity
resource allocation
strategic direction
risk management

Question 11

minimizing the effect

Answer 11

risk mitigation

Question 12

identifying possible issues

Answer 12

risk assessment

Question 13

importance of innovation management

Answer 13

competitive advantage
organizational growth and sustainability
customer satisfaction
efficiency and productivity
risk mitigation

Question 14

types of innovation

Answer 14

product
process
service
business model
organizational
social

Question 15

developing new products or improving existing products to meet customer needs or capitalize on new market opportunities

Answer 15

product innovation

Question 16

produces goods or delivers services aiming to improve efficiency or reduce costs

Answer 16

process innovation

Question 17

enhancing new services that provide added value to the customer experience

Answer 17

service innovation

Question 18

innovating on how a company creates, delivers, and captures value, often disrupting the industry

Answer 18

business model innovation

Question 19

innovations in an organization’s structure, management, or business practices to improve performance

Answer 19

organizational innovation

Question 20

innovations that focus on meeting social needs, improving quality of life, or solving societal challenges

Answer 20

social innovation

Question 21

characteristics of innovation

Answer 21

originality
value creation
risk and uncertainty
collaboration and cross functionality
continuous improvement
market relevance

Question 22

new ideas, products, practices that habe not been seen or implemented before

Answer 22

originality

Question 23

should generate value, whether it’s in the form of profit, customer satisfaction, societal impact, or operational efficiency

Answer 23

value creation

Question 24

not every idea will succeed and these are potential financial and reputational risks involved

Answer 24

risks and uncertainty

Question 25

cross-disciplinary teams contribute diverse perspectives and expertise which enhance creativity and problem-solving

Answer 25

collaboration and cross functionality

Question 26

innovation is an on-going process. companies that continuously seek to innovate are more likely to stay competitive and relevant in the market

Answer 26

continuous improvement

Question 27

success of an innovation largely depends on how well it meets market needs or trends

Answer 27

market relevance