Innovation Management

Innovation management involves overseeing activities that promote innovation within an organization. It is crucial in innovative firms like Facebook, Google, and Apple, which use innovation as a competitive edge. Innovation is the creation and introduction of new goods, services, or ideas that add value to users. Innovation management includes both accidental and intentional activities to foster innovation.

Which of the following companies is mentioned as focusing heavily on innovation?

• Microsoft

• Samsung

• Facebook

• IBM

What is innovation generally about?

• Increasing market share

• Reducing costs

• Creating new goods and services

• Improving existing products

Innovation adds value to which of the following?

• Suppliers

• Competitors

• Shareholders

• Customers and end users

What does innovation management involve?

• Neither accidental nor intentional activities

• Only planned activities

• Both accidental and intentional activities

• Only accidental activities

Which of the following best describes the goal of innovation management?

• To reduce operational costs

• To maintain current market position

• To eliminate competition

• To foster innovation within the organization