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Innovation and Business Management Warm-Ups 10/24/24

Quiz by Nekeisha King-Price

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10 questions
Show answers
  • Q1
    What is a key characteristic of innovation in business management?
    Focusing solely on cost-cutting
    Creativity and the ability to implement new ideas
    Avoiding risk at all costs
    Following traditional practices strictly
    30s
  • Q2
    Which of the following is an example of a disruptive innovation?
    Streaming services replacing traditional cable TV
    A company adopting social media marketing
    A new flavor of ice cream
    Improving the packaging of a product
    30s
  • Q3
    What is the main purpose of business management?
    To create the most advanced technology
    To ensure all employees are happy
    To ensure efficient operation of a business towards achieving its goals
    To focus solely on minimizing expenses
    30s
  • Q4
    Which of the following best describes 'market research'?
    A method for reducing production costs
    A strategy for increasing employee satisfaction
    The process of gathering and analyzing information about customers and competitors
    A technique for improving product design
    30s
  • Q5
    What is an essential benefit of adopting new technologies in business?
    Reduced customer satisfaction
    Less communication among employees
    Higher costs without value
    Increased efficiency and productivity
    30s
  • Q6
    What is a 'value proposition' in business?
    A list of company employees
    A statement that explains how a product solves customers' problems
    A detailed financial report
    A standardized pricing strategy
    30s
  • Q7
    What role does 'feedback' play in the innovation process?
    It only complicates decision-making
    It halts the innovation process
    It provides insights for improvement and refinement
    It is irrelevant to product development
    30s
  • Q8
    What is the term for a market segment that a business aims to reach with its products or services?
    Target market
    Competitive advantage
    Market share
    Supply chain
    30s
  • Q9
    Which of the following is a common method for fostering innovation in a company?
    Implementing strict hierarchies
    Encouraging open communication and collaboration among teams
    Focusing only on individual performance
    Limiting employee input on decisions
    30s
  • Q10
    What is the purpose of a business plan?
    To keep business expenses high
    To detail employee roles only
    To outline a company's goals and the strategy to achieve them
    To serve as a historical document
    30s

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