Business and Product Innovation Quiz

What is the primary benefit of taking an innovative approach in business?

• Decreased market share

• Increased employee turnover

• Higher production costs

• Gaining a competitive edge

What does product innovation refer to?

• Implementing a new marketing strategy

• Creating a new or improved product

• Improving employee benefits

• Reducing operational costs

What is process innovation?

• Launching a new advertising campaign

• Implementing a new or improved production method

• Introducing a new product to the market

• Hiring new employees

Which of the following is an example of product innovation?

• Improving supply chain logistics

• Introducing the Skycouch by Air New Zealand

• Enhancing customer service training

• Reducing carbon emissions

What is the main focus of process innovation?

• Increasing marketing budget

• Expanding the sales team

• Enhancing the actual product offered to customers

• Improving methods and systems used to produce and deliver products

What is the Skycouch innovation?

• A new type of aircraft

• An upgraded business class seat

• A new in-flight meal service

• A row of economy seats that can be transformed into a flat surface

What is the role of early adopters in the diffusion of innovation?

• They are open to innovation but slightly more cautious

• They are the first to reject new technology

• They create the new technology

• They are the last to adopt new technology

What is disruptive innovation?

• A new employee training program

• A minor improvement to an existing product

• A new idea that creates a whole new market or changes how things work in an existing market

• A new marketing strategy

What is the primary goal of a value chain?

• To increase production costs

• To gain a competitive advantage by improving productivity while keeping costs in check

• To reduce employee benefits

• To increase the number of suppliers

What is the main objective of product innovation?

• To reduce the number of employees

• To create new or improved products that meet customer needs better

• To decrease marketing efforts

• To increase the number of suppliers