Innovation and Management Strategies

Innovation and Management Strategies

Assessment

Interactive Video

Business, Professional Development

10th Grade - University

Hard

Created by

Jackson Turner

FREE Resource

Innovation is vital, especially during downturns, as it helps maintain growth and outpace competitors. Investment doesn't always correlate with returns; sometimes, a powerful idea requires minimal investment. Innovation isn't limited to products; management innovation can lead to significant competitive advantages. Historical examples include GE's R&D labs, Ford's assembly line, and Toyota's problem-solving culture.

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10 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why is innovation particularly crucial during economic downturns?

It allows companies to reduce their workforce.

It leads to higher investment in traditional methods.

It helps maintain growth and outperform competitors.

It increases the need for government subsidies.

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the relationship between investment and return in innovation?

Investment is irrelevant to innovation success.

Low investment always results in failure.

There is little correlation between investment and return.

High investment always leads to high returns.

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How can powerful ideas succeed in the market?

Through aggressive marketing campaigns.

By copying existing successful models.

Through their inherent quality and impact.

By requiring significant financial backing.

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What should companies focus on during a recession to drive innovation?

Cutting costs in all departments.

Developing ideas that change customer expectations.

Expanding their product lines.

Increasing their marketing budget.

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is considered the most powerful form of innovation?

Product innovation

Strategy innovation

Management innovation

Marketing innovation

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What was a key factor in GE's early success?

Their investment in traditional manufacturing.

Their management discipline in science.

Their reliance on government contracts.

Their focus on marketing.

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How did Ford revolutionize the auto industry?

By creating the first electric car.

By perfecting the assembly line.

By focusing on luxury vehicles.

By outsourcing production.

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