Attestation 1 (Innovation Management)

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| By Catherine Halcomb
Catherine Halcomb
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  • 1/20 Questions

    Coming up with a new version of a popular chocolate bar is an example of incremental innovation.

    • True
    • False
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Attestation 1 (Innovation Management) - Quiz

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  • 2. 

    The interactive model of innovation links together the technology-push and market-pull models. It emphasises that innovations occur as the result of the interaction of the marketplace, the science base and the organisation’s capabilities. At the centre of the model are the organisational functions of R&D, manufacturing and marketing and sales.

    • True

    • False

    Correct Answer
    A. True
    Explanation
    The interactive model of innovation suggests that innovations are the result of the interaction between the marketplace, the science base, and the organization's capabilities. It recognizes that innovation can be driven by both technological advancements (technology-push) and market demands (market-pull). The model highlights the importance of the organizational functions of research and development (R&D), manufacturing, and marketing and sales in the innovation process. Therefore, the statement "True" is correct as it aligns with the explanation of the interactive model of innovation.

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  • 3. 

    Process innovation refers to

    • The development of a new service

    • The implementation of a new or improved production method

    • The development of a new product

    • The development of new products or services

    Correct Answer
    A. The implementation of a new or improved production method
    Explanation
    Process innovation refers to the implementation of a new or improved production method. This means that it involves making changes or introducing new techniques in the way a company produces goods or services. It focuses on improving efficiency, reducing costs, and enhancing productivity in the production process. This can include implementing new technologies, streamlining operations, or introducing new methods to optimize the production process. Process innovation is essential for businesses to stay competitive and adapt to changing market demands.

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  • 4. 

    Investing in process innovation helps firms lower their costs:

    • True

    • False

    Correct Answer
    A. True
    Explanation
    Investing in process innovation helps firms lower their costs because it allows them to streamline and optimize their operations. By implementing new technologies, improving efficiency, and eliminating waste, firms can reduce their production costs and increase their profit margins. Process innovation also enables firms to automate repetitive tasks, which can further reduce labor costs. Additionally, by improving the quality and consistency of their products or services through innovation, firms can minimize the costs associated with defects, rework, and customer complaints. Overall, process innovation is a strategic investment that can lead to cost savings and improved competitiveness for firms.

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  • 5. 

    Which of the following display advantages of performing innovation at companies?

    • Lower de cost of production

    • Increase competitiveness

    • Increase profitability

    • Build new markets

    • All of the above

    • Lower de cost of production and increase competitiveness

    Correct Answer
    A. All of the above
    Explanation
    Performing innovation at companies can have several advantages. It can lower the cost of production by finding more efficient ways of producing goods or services. Innovation can also increase competitiveness by offering unique products or services that differentiate a company from its competitors. Additionally, innovation can lead to increased profitability by attracting more customers and generating higher revenues. Finally, innovation can help build new markets by creating products or services that meet the needs of previously untapped customer segments. Therefore, all of the given options correctly display advantages of performing innovation at companies.

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  • 6. 

    Who from the following list is considered to be "the 'godfather' of innovation studies"?

    • Joseph A. Schumpeter

    • Nikolai D. Kondratieff 

    • William J. Abernathy

    • Paul Trott

    Correct Answer
    A. Joseph A. Schumpeter
    Explanation
    Joseph A. Schumpeter is considered to be "the 'godfather' of innovation studies" because he made significant contributions to the field of innovation and entrepreneurship. He introduced the concept of "creative destruction," which refers to the process of new innovations replacing old industries and technologies. Schumpeter emphasized the role of entrepreneurs in driving economic growth through innovation and identified innovation as a key driver of economic development. His work has had a profound impact on the study of innovation and has shaped the way we understand and analyze the process of innovation in modern economies.

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  • 7. 

    Which of these is NOT an example of process innovation?

    • Total quality management

    • On-line retailing

    • Tooth-whitening chewing gum

    • Improved surgical techniques

    Correct Answer
    A. Tooth-whitening chewing gum
    Explanation
    Tooth-whitening chewing gum is not an example of process innovation because it does not involve any changes or improvements in the way a product or service is produced or delivered. Process innovation refers to the implementation of new methods, techniques, or technologies to enhance efficiency, productivity, or quality in the production or delivery process. In this case, tooth-whitening chewing gum is a product innovation, as it introduces a new type of chewing gum with a specific feature (tooth-whitening), rather than improving the process of producing or delivering chewing gum.

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  • 8. 

    Dupont, Apple and Singapore Airlines are examples of companies, which mainly apply:

    • Passive innovation strategies

    • Proactive innovation strategies

    • Active innovation strategies

    • Reactive innovation strategies

    Correct Answer
    A. Proactive innovation strategies
    Explanation
    Dupont, Apple, and Singapore Airlines are examples of companies that mainly apply proactive innovation strategies. Proactive innovation strategies involve actively seeking out new opportunities and developing innovative solutions before the need arises. These companies are known for their ability to anticipate market trends, identify customer needs, and stay ahead of their competitors by continuously introducing new products, services, and technologies. Their proactive approach to innovation allows them to maintain a competitive advantage and drive growth in their respective industries.

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  • 9. 

    _______________ is a theory that seeks to explain how, why, and at what rate new ideas and technology spread. It is the process by which innovations get adopted and used by people and organizations.The most influential model of the this process was developed by prof. Everett Rogers.

    Correct Answer
    Diffusion of innovations, diffusion of innovations, Diffusion of innovation, diffusion of innovation, Diffusion, diffusion, Diffusions, diffusions, difussion, difussion of innovation, difussion of innovations, diffusion innovation, diffusion innovations, difussion innovation, difussion innovations
    Explanation
    The given correct answer refers to the theory called "Diffusion of Innovations." This theory explains the process of how new ideas and technology spread, including the factors that influence the rate of adoption. It was developed by Professor Everett Rogers and is considered to be the most influential model in this field.

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  • 10. 

    An example of marketing innovation is

    • ​​​​​the use of a fundamentally new bottle design for a body lotion

    • The introduction of GPS navigational systems

    • The introduction of supply chain management systems

    • The introduction of the new season’s coats by a clothing manufacturer

    Correct Answer
    A. ​​​​​the use of a fundamentally new bottle design for a body lotion
    Explanation
    The correct answer is the use of a fundamentally new bottle design for a body lotion. This is an example of marketing innovation because it involves creating a unique and eye-catching packaging design for a product. This can help the body lotion stand out on store shelves and attract the attention of potential customers. The new bottle design can also communicate the brand's values and differentiate it from competitors, ultimately leading to increased sales and market share.

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  • 11. 

    What is the order in which adopter categories adopt innovations, according to the idea of the adoption life cycle?

    • Innovators, early adopters, early majority, laggards, late majority

    • Early adopters, innovators, early majority, late majority, laggards

    • Laggards, innovators, early adopters, early majority, late majority

    • Innovators, early adopters, early majority, late majority, laggards

    Correct Answer
    A. Innovators, early adopters, early majority, late majority, laggards
    Explanation
    The correct answer is the order in which adopter categories adopt innovations according to the idea of the adoption life cycle is Innovators, early adopters, early majority, late majority, laggards. This order is based on the theory that new ideas or innovations are first adopted by a small group of innovators who are open to trying new things. Then, early adopters, who are opinion leaders in their social networks, start adopting the innovation. The early majority follows, followed by the late majority, and finally, the laggards who are the last to adopt the innovation.

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  • 12. 

    Invention is defined as the long term plan of a particular company in order to gain competitive advantage over its competitors in the industry. 

    • True

    • False

    Correct Answer
    A. False
    Explanation
    The given statement is false because the definition of invention provided does not accurately describe what an invention is. Invention refers to the creation of a new product, process, or idea that is novel and innovative. It is not specifically related to a long-term plan or gaining a competitive advantage over competitors.

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  • 13. 

    Matthew is a fanatical athlete and does one triathlon every year. He always monitors his heartbeat while training, but read a newspaper article about a new device that was recently developed by researchers at a Dutch university. The device is integrated in a pair of sunglasses. The device has been made available at a small scale for people who are interested in testing it and Matthew is happy to be selected to do so. The device is still in its infancy, does not have a friendly user interface, and has frequent spontaneous reboots. Matthew does not have a problem with that, however, and he is just interested in trying how the device works. Within the different adopter categories, Matthew can best be classified as belonging to the...                                                                                                                                      

    • Early majority

    • Lead users

    • Early adopters

    • Innovators

    Correct Answer
    A. Innovators
    Explanation
    Matthew can be classified as an innovator because he is willing to try out a new device that is still in its infancy, despite its technical issues. He is not deterred by the lack of user-friendliness or frequent reboots, showing a high level of interest and enthusiasm for testing new technology. Innovators are typically the first to adopt new products or ideas, taking risks and embracing innovation before it becomes mainstream. Matthew's eagerness to try the device aligns with the characteristics of an innovator.

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  • 14. 

    _______________  innovation is a type of innovation that creates such a dramatic change in processes, products, or services that they transform existing markets or industries, or create new ones.

    Correct Answer
    Radical, radical
    Explanation
    Radical innovation refers to a type of innovation that brings about a significant and transformative change in processes, products, or services. It has the power to completely transform existing markets or industries and even create new ones. This kind of innovation is characterized by its disruptive nature and its ability to challenge the status quo. By introducing radical changes, it can lead to groundbreaking advancements and revolutionize the way things are done.

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  • 15. 

    The introduction of the new season’s anoraks (without significantly improved characteristics) by a clothing manufacturer is:

    • Product innovation

    • Process innovation

    • Radical innovation

    • Marketing innovation

    • None of the above

    Correct Answer
    A. None of the above
    Explanation
    The introduction of the new season's anoraks without any significant improvements in their characteristics does not fit into any of the categories mentioned. Product innovation refers to the creation of new or improved products, process innovation refers to the improvement of production methods, radical innovation refers to the introduction of completely new and groundbreaking ideas, and marketing innovation refers to the development of new marketing strategies. Since the anoraks in question do not fall into any of these categories, the correct answer is none of the above.

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  • 16. 

    According to the classification of K. Pavitt, science-based firms are those firms, which dominate the manufacturing sector. At the heart of these firms are process technologies. It is their ability to produce high volumes at low cost that is usually their strength. They tend to have capabilities in engineering, design and manufacturing.

    • True

    • False

    Correct Answer
    A. False
    Explanation
    Science-based firms are not necessarily those that dominate the manufacturing sector. According to K. Pavitt's classification, science-based firms are characterized by their focus on process technologies and their ability to produce high volumes at low cost. While they may have capabilities in engineering, design, and manufacturing, this does not imply that they dominate the manufacturing sector. Therefore, the given answer, "False," is correct.

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  • 17. 

    Innovation process consists of 4 main phases: searching, selecting, implementing and ____________

    Correct Answer
    Learning, learning, Capture, capture
    Explanation
    The innovation process consists of four main phases: searching, selecting, implementing, and learning. Learning is an essential phase in the innovation process as it involves acquiring knowledge and insights from the previous phases, evaluating the outcomes, and identifying areas for improvement. The repetition of "learning" emphasizes the importance of continuous learning and adaptation throughout the innovation process. The term "capture" is likely included to highlight the need to capture and document the knowledge gained during the process for future reference and application.

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  • 18. 

    Which of the following are sources of innovation according to P. Drucker?

    • The incongruity between actual reality and what it is assumed to be

    • The crowdfunding

    • New knowledge

    • The unexpected success, outside event

    • Hiring new employees

    • Changes in perception, mood, and meaning

    Correct Answer(s)
    A. The incongruity between actual reality and what it is assumed to be
    A. New knowledge
    A. The unexpected success, outside event
    A. Changes in perception, mood, and meaning
    Explanation
    According to P. Drucker, sources of innovation include the incongruity between actual reality and what it is assumed to be, new knowledge, the unexpected success or outside events, and changes in perception, mood, and meaning. These factors can all drive innovation by challenging existing assumptions, introducing new information or ideas, and creating opportunities for new solutions to emerge. Hiring new employees and crowdfunding are not specifically mentioned as sources of innovation by Drucker.

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  • Current Version
  • Oct 11, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Apr 08, 2020
    Quiz Created by
    Catherine Halcomb
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