Innovation Strategy Formulation Quiz

Innovation Strategy Formulation Quiz

University

20 Qs

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Innovation Strategy Formulation Quiz

Innovation Strategy Formulation Quiz

Assessment

Quiz

Business

University

Practice Problem

Medium

Created by

Carnit Cordova

Used 1+ times

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20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the primary purpose of sustaining innovation?

To create new markets

To enhance current offerings

To foster open collaboration

To develop disruptive products

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Which innovation strategy involves reimagining the way a company creates, delivers, and captures value?

Open Innovation

Collaborative Innovation

Sustaining Innovation

Business Model Innovation

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the main focus of the Lean Startup methodology?

Minimizing waste

Maximizing customer feedback

Prioritizing employee satisfaction

Accelerating product development

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the key benefit of Blue Ocean Strategy for organizations?

Expanding into crowded markets

Creating uncontested market space

Emphasizing incremental improvements

Fostering internal competition

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the primary challenge associated with innovation strategy formulation?

Ineffective idea management

Insufficient resources

Lack of clear vision

Resistance to change

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is a crucial element for organizations striving to stay competitive through innovation?

All of the above

Effective communication

Employee engagement

Leadership commitment

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What is the significance of aligning innovation strategy with overall business objectives?

Strategic direction

All of the above

Resource optimization

Competitive advantage

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