Practice for Contents of Innovation Management
Answers
1. a 6. a 11. c 16. b
2. a 7. b 12. d 17 a
3. b 8. b 13. c 18 c
4. b 9. b 14. c 19 b
5. a 10. d 15. b 20 d
1. As a result of the rapid pace of innovation, the time between a product’s introduction and its withdrawal from the market
a. has become shorter.
2. The relationship between speed of innovation and product obsolescence is
a. direct (as innovation speed increases, products become obsolete more quickly).
3. The ______ of an economy is its total annual output, measured by final purchase price.
b. gross domestic product
4. If you were the director of R&D at a large pharmaceutical company, how might you apply the concept of “the innovation funnel?”
b. Encourage more new ideas because it takes thousands of new ideas to come up with one successful new product.
5. A firm’s new product development process should
a. maximize the likelihood of projects being both technically and commercially successful.
6. Out of all the innovative ideas that come forth, how many become successful products?
a. Very few
7. Southeaster Athletic Mats, Inc. produces gym mats for school and health clubs. The company recently put a metal box near the time clock and asked employees to submit ideas in writing for improved productivity. It offered $10 for every idea it implemented. This is an example of a(n)
b. suggestion box.
8. Which of the following is not true regarding user innovators?
b. They have an intention to profit from the sale of their innovation.
9. Which of the following is the correct sequence of steps for the science-push approach to research and development?
b. Scientific discovery leads to an invention, the Engineering team designs the product, it is manufactured, and the Marketing team promotes it.
10. The demand-pull approach to research and development refers to
d. research and development
1. a 6. a 11. c 16. b
2. a 7. b 12. d 17 a
3. b 8. b 13. c 18 c
4. b 9. b 14. c 19 b
5. a 10. d 15. b 20 d
1. As a result of the rapid pace of innovation, the time between a product’s introduction and its withdrawal from the market
a. has become shorter.
2. The relationship between speed of innovation and product obsolescence is
a. direct (as innovation speed increases, products become obsolete more quickly).
3. The ______ of an economy is its total annual output, measured by final purchase price.
b. gross domestic product
4. If you were the director of R&D at a large pharmaceutical company, how might you apply the concept of “the innovation funnel?”
b. Encourage more new ideas because it takes thousands of new ideas to come up with one successful new product.
5. A firm’s new product development process should
a. maximize the likelihood of projects being both technically and commercially successful.
6. Out of all the innovative ideas that come forth, how many become successful products?
a. Very few
7. Southeaster Athletic Mats, Inc. produces gym mats for school and health clubs. The company recently put a metal box near the time clock and asked employees to submit ideas in writing for improved productivity. It offered $10 for every idea it implemented. This is an example of a(n)
b. suggestion box.
8. Which of the following is not true regarding user innovators?
b. They have an intention to profit from the sale of their innovation.
9. Which of the following is the correct sequence of steps for the science-push approach to research and development?
b. Scientific discovery leads to an invention, the Engineering team designs the product, it is manufactured, and the Marketing team promotes it.
10. The demand-pull approach to research and development refers to
d. research and development