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Test: Innovation - 2 - CAT MCQ


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20 Questions MCQ Test CMAT Mock Test Series - Test: Innovation - 2

Test: Innovation - 2 for CAT 2024 is part of CMAT Mock Test Series preparation. The Test: Innovation - 2 questions and answers have been prepared according to the CAT exam syllabus.The Test: Innovation - 2 MCQs are made for CAT 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Innovation - 2 below.
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Test: Innovation - 2 - Question 1
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What is considered a key aspect of innovation?

Detailed Solution for Test: Innovation - 2 - Question 1
Originality is a fundamental aspect of innovation. It involves coming up with new ideas, methods, or products that have not been seen or used before. Innovations are unique contributions that differ from existing norms or practices, hence originality is crucial for creating significant positive changes or solving unmet needs.
Test: Innovation - 2 - Question 2
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Which of the following is NOT a type of innovation mentioned?

Detailed Solution for Test: Innovation - 2 - Question 2
The types of innovation mentioned include Incremental, Disruptive, and Radical Innovation. Circular Innovation was not listed among the types. Incremental Innovation focuses on improving existing products or services, Disruptive Innovation introduces changes that shake up the industry, and Radical Innovation brings something entirely new to the market.
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Test: Innovation - 2 - Question 3
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What does a strong culture of innovation in a company encourage?

Detailed Solution for Test: Innovation - 2 - Question 3
A strong culture of innovation encourages risk-taking among employees. This environment supports creative thinking and experimenting with new ideas, recognizing that not every venture will succeed but valuing the learning and growth that come from taking chances.
Test: Innovation - 2 - Question 4
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What is an example of Product & Product Performance Innovation?
Detailed Solution for Test: Innovation - 2 - Question 4
Product & Product Performance Innovation involves either developing a new product or enhancing the performance of an existing one. A smartphone with improved battery life is a perfect example, as it represents an enhancement to an existing product's performance, making it more valuable to the user.
Test: Innovation - 2 - Question 5
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Which innovation type is Amazon's entry into the medical care field an example of?
Detailed Solution for Test: Innovation - 2 - Question 5
Amazon's entry into the medical care field is an example of Architectural Innovation. This type of innovation occurs when a company applies its existing skills and technologies to a new market. Amazon used its expertise in technology, logistics, and customer service to enter and potentially transform the medical care industry.
Test: Innovation - 2 - Question 6
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What is a primary objective of Process Innovation?
Detailed Solution for Test: Innovation - 2 - Question 6
Process Innovation aims to enhance the efficiency or effectiveness of a company's production methods, delivery systems, or customer interactions. It focuses on making operations more efficient, which can lead to cost savings and faster production times, benefiting both the company and its customers.
Test: Innovation - 2 - Question 7
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What stage in the corporate innovation process involves prototype development and market testing?
Detailed Solution for Test: Innovation - 2 - Question 7
The Testing, Experimenting, and MVP (Minimum Viable Product) stage is where ideas are put into practice through prototype development and market testing. This stage is critical for understanding how an idea performs in a real-world setting and gathering feedback for further refinement.
Test: Innovation - 2 - Question 8
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Which factor is NOT directly associated with encouraging innovation in a business?
Detailed Solution for Test: Innovation - 2 - Question 8
Encouraging innovation involves creating an environment where employees feel safe to experiment and learn from failures, not fearing harsh penalties for mistakes. Investing in education, rewarding innovative thinking, and collaborating with innovative companies are all strategies that support an innovative culture.
Test: Innovation - 2 - Question 9
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Why is measuring innovation considered a complex task?
Detailed Solution for Test: Innovation - 2 - Question 9
Measuring innovation is complex because it includes both tangible elements, like the number of new patents, and intangible ones, such as cultural changes within a company or the expansion of knowledge. These intangible aspects are crucial but harder to quantify, making the measurement of innovation a challenging task.
Test: Innovation - 2 - Question 10
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What is the main purpose of having a clear strategic vision in innovation?
Detailed Solution for Test: Innovation - 2 - Question 10
A clear strategic vision is crucial for innovation as it helps guide the decision-making process and aligns innovation efforts with the company's long-term goals. It provides a roadmap for where the company wants to go and how innovation can help it get there, ensuring that resources are used effectively to drive meaningful change.
Test: Innovation - 2 - Question 11
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What role does customer feedback play in the innovation process?
Detailed Solution for Test: Innovation - 2 - Question 11
Customer feedback is invaluable in the innovation process because it provides insight into what customers actually want and need. This information can reveal unmet needs, pain points, and opportunities for product or service improvement, guiding the development of innovations that truly resonate with the target market.
Test: Innovation - 2 - Question 12
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Which of the following best describes Disruptive Innovation?
Detailed Solution for Test: Innovation - 2 - Question 12
Disruptive Innovation refers to new technologies or business models that may appear inferior or niche at first but eventually surpass existing market leaders due to advantages in efficiency, cost, or other factors. Examples include digital photography overtaking film photography and streaming services transforming the entertainment industry.
Test: Innovation - 2 - Question 13
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How does Organizational Innovation primarily benefit a company?
Detailed Solution for Test: Innovation - 2 - Question 13
Organizational Innovation involves managing and sharing resources in new ways to achieve efficiency and effectiveness. This type of innovation can lead to significant improvements in how a company operates, making better use of its assets and potentially opening up new opportunities for growth and development.
Test: Innovation - 2 - Question 14
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What differentiates Radical Innovation from other types of innovation?
Detailed Solution for Test: Innovation - 2 - Question 14
Radical Innovation stands out because it introduces groundbreaking technologies or business models that create entirely new markets. Unlike incremental or architectural innovation, which build on existing markets or technologies, radical innovation opens up new realms of possibility, fundamentally changing how people live, work, or interact.
Test: Innovation - 2 - Question 15
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What is the role of a Minimum Viable Product (MVP) in the innovation process?
Detailed Solution for Test: Innovation - 2 - Question 15
The MVP is a strategy used to test, validate, and refine an idea with the least effort and expense. It allows companies to gather valuable user feedback and identify potential issues or improvements before committing significant resources to full-scale development. This approach reduces the risk associated with innovation by ensuring that there's a market demand for the product.
Test: Innovation - 2 - Question 16
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Why is embracing failure important in innovation?
Detailed Solution for Test: Innovation - 2 - Question 16
Embracing failure is crucial in innovation because it leads to learning and growth. Understanding that not every attempt will succeed, but each "failure" offers insights that can guide future innovations, is key to fostering a culture that values experimentation and continuous improvement.
Test: Innovation - 2 - Question 17
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What is NOT a goal of Marketing / Sales – New Channel Innovation?
Detailed Solution for Test: Innovation - 2 - Question 17
Marketing / Sales – New Channel Innovation aims to explore new ways to engage customers, whether through innovative marketing strategies or by leveraging new channels for customer acquisition and sales. The goal is to enhance the company's reach and impact, not to reduce the quality of its products or services.
Test: Innovation - 2 - Question 18
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What is a primary challenge in measuring innovation?
Detailed Solution for Test: Innovation - 2 - Question 18
One of the main challenges in measuring innovation is its inclusion of intangible aspects, such as cultural changes or knowledge expansion, which are crucial to the innovation process but difficult to quantify. While some elements like patents or revenue from new products can be measured, the broader impact of innovation often eludes simple metrics.
Test: Innovation - 2 - Question 19
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Which is an essential stage for the overall success of a company's innovation initiative?
Detailed Solution for Test: Innovation - 2 - Question 19
The Optimization & Scaling stage is critical for ensuring the long-term success and sustainability of an innovation. After launching, it's important to monitor performance, make necessary improvements, and then scale the innovation to reach a broader audience. This stage ensures the innovation can grow and continue delivering value over time.
Test: Innovation - 2 - Question 20
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What innovation type involves existing technology in a new market?
Detailed Solution for Test: Innovation - 2 - Question 20
Architectural Innovation occurs when a company takes its existing technology or expertise and applies it to a new market. This strategy leverages the company's strengths in one area to create opportunities in another, potentially untapped, market. It's about expanding the application of what the company already does well into new areas to drive growth.
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