Innovation and Competitive Advantage in the Global Market

Instructions to take the quiz

1) Copy link, and put in name

2) Start quiz and write personal questions as your going

3) Review quiz, once finished and see if you can answer your questions

4) If not, ask teacher for assistance

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What is innovation?

• Copying existing products
  

• Reducing the quality of products
  

• Introducing new ideas, products, or processes

• Lowering prices without improving products

Which of the following is an example of product innovation?

• A company changing its logo

• Reducing the price of an existing product

• Opening a new store location

• A business launching a new, improved smartphone

Why is innovation important for businesses?

• It helps businesses meet customer needs and stand out in the market

• It allows businesses to stay the same

• It reduces the need for marketing

• It guarantees a monopoly in the market

What does it mean for a business to have a competitive advantage?

• Being the only business in the market

• Reducing all costs to zero

• Offering something better or different from competitors

• • Copying competitors' products

Which of the following strategies can help a business maintain a competitive advantage?

• Ignoring customer feedback

• Continuously improving products and services
  

• Reducing innovation

• Increasing prices without any product improvements

How can innovation help businesses compete in the global market?

What is a global market?

• A market limited to one country

• A market where only local products are sold

• A market that excludes international competition

• A market that includes customers and businesses worldwide

1) Which of the following is NOT a type of innovation?

• Process innovation
  
  

• Price inflation
  

• Business model innovation

• Product innovation

2) What are some challenges businesses face when competing in the global market?