3.9.2 Assessing innovation

• Product Innovation involves the development of new or improved products or services
• Successful innovation must provide clear benefits and value to customers
• What is meant by novelty in the context of innovation?

  Being new or significantly improved
• What does market research help determine in the context of innovation assessment?

  Customer value
• What are the four types of intellectual property mentioned in the study material?

  Patents, trademarks, copyrights, trade secrets
• What does process innovation focus on?

  Improving production or delivery methods
• Innovation is crucial for businesses to stay competitive and meet changing customer needs.


  True
• Successful innovation must be introduced at the right time to meet market needs.


  True
• Successful innovation must be technically and commercially viable
• Both market research and financial analysis are important for assessing the viability of an innovation.
• Match the type of intellectual property with its description:

  Patents ↔️ Protect inventions for 20 years

  Trademarks ↔️ Protect brand names and logos

  Copyrights ↔️ Protect original works of authorship

  Trade Secrets ↔️ Protect confidential information
• What is product innovation?

  New or improved products
• Innovation refers to the process of creating new or improved products, services, processes, or business models
• Successful innovation must be new or significantly improved compared to existing offerings
• Steps of the scientific method

  1️⃣ Make an observation

  2️⃣ Form a hypothesis

  3️⃣ Test the hypothesis with an experiment

  4️⃣ Analyze the data

  5️⃣ Draw a conclusion
• Protecting intellectual property is crucial for encouraging innovation
• What is one benefit of securing intellectual property rights?

  Incentivizes further innovation
• What was one key characteristic of the Apple iPhone's success?

  Customer value
• What is the definition of innovation according to the study material?

  Creating new or improved products, services, processes, or business models
• What is one key characteristic of successful innovation?

  Novelty
• Match the type of innovation with its description:

  Product Innovation ↔️ Development of new or improved products

  Process Innovation ↔️ Implementation of new production methods

  Business Model Innovation ↔️ Creation of new ways to generate revenue
• Steps to assess the success of an innovation

  1️⃣ Gather market research

  2️⃣ Analyze financial data

  3️⃣ Evaluate customer needs

  4️⃣ Assess profitability potential
• Protecting intellectual property incentivizes further innovation and enhances profitability.


  True
• Product Innovation involves the development of new or improved products or services.
• What is process innovation?

  Improved delivery methods
• Match the type of innovation with its description:

  Product Innovation ↔️ The development of new or improved products or services

  Process Innovation ↔️ The implementation of new or improved production or delivery methods

  Business Model Innovation ↔️ The creation of new ways of generating value and capturing revenue
• Feasibility is a key characteristic of successful innovation.


  True
• Market research helps determine if an innovation provides customer value.


  True
• Match the type of intellectual property with its description and coverage:

  Patents ↔️ Protect inventions for 20 years

  Trademarks ↔️ Protect brand names indefinitely

  Copyrights ↔️ Protect original works for the author's lifetime plus 70 years

  Trade Secrets ↔️ Protect confidential information indefinitely
• The Return on Innovation (ROI) measures the profitability, revenue generated, and cost savings
• What was one reason for the failure of Google Glass?

  Lack of clear benefits
• Innovation is essential for businesses to stay competitive and meet changing customer needs.

  True
• What is one key characteristic of successful innovation?

  Novelty
• Why is timeliness important in innovation?

  To meet market needs
• What does financial analysis determine about an innovation?

  Financial feasibility
• Patents protect inventions for 20 years.


  True
• Innovation measurement frameworks help track the progress and impact of innovation initiatives.

  True