Chapter7 Flashcards
(24 cards)
What is the definition of innovation?
Innovation refers to the process of creating new ideas, products, or methods.
True or False: Innovation is limited to technological advancements.
False
What are the three main sources of innovation?
Internal sources, external sources, and combinations of internal and external sources.
Fill in the blank: Internal sources of innovation come from within the ____________.
organization/company
What are examples of internal sources of innovation?
Employee creativity, research and development, and company culture.
True or False: External sources of innovation include competitors and industry trends.
True
What are examples of external sources of innovation?
Customer feedback, market research, and partnerships.
What is the advantage of combining internal and external sources of innovation?
It can lead to more diverse and impactful ideas.
Fill in the blank: Combining internal and external sources of innovation is known as ____________ innovation.
open
What is the role of leadership in fostering innovation?
Leadership can set the tone for innovation, encourage creativity, and allocate resources.
True or False: Innovation is a one-time event.
False
What is the importance of continuous innovation in organizations?
Continuous innovation helps organizations stay competitive and adapt to changing environments.
Fill in the blank: Innovation is essential for ____________ growth.
sustainable
What are some challenges organizations may face in fostering innovation?
Resistance to change, lack of resources, and risk aversion.
True or False: Innovation always guarantees success.
False
What is the key to successful innovation?
A combination of creativity, strategic planning, and execution.
What is the concept of disruptive innovation?
Disruptive innovation refers to the creation of new markets and value networks that eventually disrupt existing markets.
Fill in the blank: Disruptive innovation often starts with a product or service that is considered ____________ or inferior.
low-quality
What is an example of a company that achieved disruptive innovation?
Uber with its ride-sharing service.
What are some benefits of disruptive innovation?
Increased competition, lower prices, and improved products/services.
True or False: Disruptive innovation is always welcomed by established companies.
False
What is the concept of sustaining innovation?
Sustaining innovation refers to incremental improvements on existing products or services.
Fill in the blank: Sustaining innovation helps companies maintain their ____________ in the market.
competitive edge
What are some examples of sustaining innovation?
Software updates, product enhancements, and customer service improvements.
