3.9.2 Assessing innovation

    Cards (37)

    • 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