MGT 6574 DR. ARTHUR TEST 1 QUESTIONS AND
VERIFIED ACCURATE ANSWERS
invention - Answers - when someone comes up with a new product, something that you
can protect it with a patent
innovation - Answers - when the invention becomes useful and can actually apply it to
the market
technological innovation - Answers - the act of introducing a new device, method, or
material for application to commercial of practical objectives
technological innovation now the single most important driver of competitive success in
many industries - Answers -
many firms earn over one third of sales on products developed in - Answers - the last
five years
product innovation help firms protect margins by - Answers - offering new differentiated
features
process innovations help make - Answers - manufacturing more efficient
advances in information technology have enabled - Answers - faster innovation
CAD/CAM Systems enable - Answers - rapid design and shorter production runs
importance of innovation and advances in information technology have lead to -
Answers - shorter product lifecycles
more rapid new product introductions
greater market segmentation
innovation enables a - Answers - wider range of goods and services to be delivered to
people worldwide
impact of innovation on society examples - Answers - more efficient food production,
improved medical technologies, better transportation
increase gross domestic product by making labor and capital more effective and
efficient
,however, may result in negative externalities
many firms charge into a new product development - Answers - without clear strategies
or well developed process for choosing and managing projects.
consequences of poor strategy are - Answers - starting more products than can be
supported
choosing projects that are a poor fit
high project failure rates
successful innovation requires - Answers - carefully crafted strategies and
implementation processes
innovation funnel - Answers - most innovative projects do not result in technically
feasible products and of those that do, many fail to earn a commercial return.
the innovation process is often conceived as a funnel, with many potentional new
product ideas in the wide in, but very few making it through the development process
an organization innovation projects should align with its - Answers - resources and
objectives, leveraging its core competencies and helping it achieve its strategic intent
to achieve these things a firm needs - Answers - an in depth understanding of the
dynamics of innovation
a well crafted innovation strategy
well designed processes for implementing the innovation strategy
Innovation can arise from many different sources and (more importantly) from - Answers
- the linkages between them
such as firms, individuals, universities, private nonprofits, government funded research
innovation begins with the generation of - Answers - new ideas
an idea is - Answers - something imagined or pictured in the mind
the ability to generate new ideas is called f - Answers - creativity
creativity - Answers - the ability to produce work that is useful and novel
, novel work must be different from work that has been previously produced and
surprising in that it is - Answers - not simply the next logical step in a series of known
solutions
the degree to which a product is novel is a function of both - Answers - how it is different
from prior work and of the audiences prior experiences
individual creativity is a function of - Answers - intellectual abilities(for example, ability to
articulate ideas)
knowledge ( for example, understand field, but not wed to paradigms)
personality (for example confidence in own capabilities)
motivation (for example, rely on intrinsic motivation)
environment ( for example, support and rewards for creative ideas)
intellectual ability includes - Answers - intelligence and memory
ability to look at problems in unconventional ways
ability to analyze which ideas are worth pursuing
ability to articulate ideas
primary process thinking can result in - Answers - combining ideas that are not typically
related
divergent thinking
must make mind open to remote associates
knowledge includes - Answers - if you know too little, have no meaningful contribution
if know too much, get trapped into existing logic
a moderate degree of knowledge might be able to produce more creative solutions
breakthrough innovations often developed by outsiders to a field, although they often
face resistance and skepticism
personality includes - Answers - is most often associated with creativity is " openness to
experience "
this reflects an individuals use of active imagination, aesthetic sensitivity, attentiveness
to emotion, preference for variety, and intellectual curiosity
VERIFIED ACCURATE ANSWERS
invention - Answers - when someone comes up with a new product, something that you
can protect it with a patent
innovation - Answers - when the invention becomes useful and can actually apply it to
the market
technological innovation - Answers - the act of introducing a new device, method, or
material for application to commercial of practical objectives
technological innovation now the single most important driver of competitive success in
many industries - Answers -
many firms earn over one third of sales on products developed in - Answers - the last
five years
product innovation help firms protect margins by - Answers - offering new differentiated
features
process innovations help make - Answers - manufacturing more efficient
advances in information technology have enabled - Answers - faster innovation
CAD/CAM Systems enable - Answers - rapid design and shorter production runs
importance of innovation and advances in information technology have lead to -
Answers - shorter product lifecycles
more rapid new product introductions
greater market segmentation
innovation enables a - Answers - wider range of goods and services to be delivered to
people worldwide
impact of innovation on society examples - Answers - more efficient food production,
improved medical technologies, better transportation
increase gross domestic product by making labor and capital more effective and
efficient
,however, may result in negative externalities
many firms charge into a new product development - Answers - without clear strategies
or well developed process for choosing and managing projects.
consequences of poor strategy are - Answers - starting more products than can be
supported
choosing projects that are a poor fit
high project failure rates
successful innovation requires - Answers - carefully crafted strategies and
implementation processes
innovation funnel - Answers - most innovative projects do not result in technically
feasible products and of those that do, many fail to earn a commercial return.
the innovation process is often conceived as a funnel, with many potentional new
product ideas in the wide in, but very few making it through the development process
an organization innovation projects should align with its - Answers - resources and
objectives, leveraging its core competencies and helping it achieve its strategic intent
to achieve these things a firm needs - Answers - an in depth understanding of the
dynamics of innovation
a well crafted innovation strategy
well designed processes for implementing the innovation strategy
Innovation can arise from many different sources and (more importantly) from - Answers
- the linkages between them
such as firms, individuals, universities, private nonprofits, government funded research
innovation begins with the generation of - Answers - new ideas
an idea is - Answers - something imagined or pictured in the mind
the ability to generate new ideas is called f - Answers - creativity
creativity - Answers - the ability to produce work that is useful and novel
, novel work must be different from work that has been previously produced and
surprising in that it is - Answers - not simply the next logical step in a series of known
solutions
the degree to which a product is novel is a function of both - Answers - how it is different
from prior work and of the audiences prior experiences
individual creativity is a function of - Answers - intellectual abilities(for example, ability to
articulate ideas)
knowledge ( for example, understand field, but not wed to paradigms)
personality (for example confidence in own capabilities)
motivation (for example, rely on intrinsic motivation)
environment ( for example, support and rewards for creative ideas)
intellectual ability includes - Answers - intelligence and memory
ability to look at problems in unconventional ways
ability to analyze which ideas are worth pursuing
ability to articulate ideas
primary process thinking can result in - Answers - combining ideas that are not typically
related
divergent thinking
must make mind open to remote associates
knowledge includes - Answers - if you know too little, have no meaningful contribution
if know too much, get trapped into existing logic
a moderate degree of knowledge might be able to produce more creative solutions
breakthrough innovations often developed by outsiders to a field, although they often
face resistance and skepticism
personality includes - Answers - is most often associated with creativity is " openness to
experience "
this reflects an individuals use of active imagination, aesthetic sensitivity, attentiveness
to emotion, preference for variety, and intellectual curiosity
