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For the purpose of stimulating innovation at TechCorp, one of the company’s long-standing goals has been to obtain at least 50 percent of its annual revenues from sales of products that are no more than three years old. Last year, TechCorp achieved this goal, despite the fact that the company introduced no new products during the year.
Which of the following, if true, best explains the results described above?
  • a)
    None of the company’s competitors introduced any new products during the last year.
  • b)
    Scientists at the company report that they are close to breakthroughs that should result in several new products during the coming year.
  • c)
    Sales of some of the company’s older products were discontinued during that last year.
  • d)
    The company has introduced very few new products during the last three years.
  • e)
    Company spending on research and development has increased sharply over the past five years.
Correct answer is option 'C'. Can you explain this answer?
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For the purpose of stimulating innovation at TechCorp, one of the comp...
Strategies could be to implement an Innovation Challenge or Hackathon.

The Innovation Challenge or Hackathon would be a company-wide event that encourages employees to collaborate, think outside the box, and come up with innovative ideas or solutions to specific challenges or problems faced by the company. Here's how it could work:

1. Define the Problem: Identify specific areas or challenges within the company that need innovative solutions. This could be anything from improving internal processes to developing new products or services.

2. Communicate the Challenge: Announce the Innovation Challenge or Hackathon to all employees, explaining the purpose, rules, and objectives. Create excitement around the event and emphasize the importance of innovation for the company's success.

3. Form Cross-functional Teams: Allow employees to form teams across different departments or areas of expertise. Encourage diversity in team composition to promote different perspectives and ideas.

4. Provide Resources and Support: Allocate dedicated time and resources for teams to work on their innovative ideas. Provide access to relevant data, tools, and technologies that may be needed during the process. Offer mentorship or guidance from senior leaders or subject matter experts.

5. Facilitate Idea Generation: Organize brainstorming sessions or workshops to help teams generate ideas. Encourage them to think creatively and challenge existing assumptions. Provide frameworks or methodologies, such as Design Thinking or Lean Startup, to guide their ideation process.

6. Develop Prototypes: Allocate time for teams to develop prototypes or proof-of-concept solutions for their ideas. Encourage them to test and iterate their prototypes to refine their concepts further.

7. Pitch and Evaluation: Organize a final pitch event where teams present their ideas and prototypes to a panel of judges, consisting of senior leaders or external experts. Evaluate each team based on criteria such as innovation, feasibility, potential impact, and scalability.

8. Recognize and Reward: Celebrate the efforts of all participating teams and recognize their contributions. Offer rewards or incentives for the winning team(s), such as funding to further develop their ideas, recognition within the company, or opportunities for career advancement.

9. Implement and Follow-up: Once the winning ideas are selected, allocate resources to implement and test them within the company. Monitor the progress and outcomes of the implemented solutions and provide feedback to the teams.

By implementing an Innovation Challenge or Hackathon, TechCorp can create an environment that fosters creativity, collaboration, and out-of-the-box thinking. It allows employees to contribute their unique perspectives and skills, potentially leading to breakthrough innovations that can drive the company's growth and success.
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For the purpose of stimulating innovation at TechCorp, one of the comp...
TechCorp company’s long-standing goals was to obtain at least 50 percent of its annual revenues from sales of products that are no more than three years old. Last year, TechCorp achieved this goal,but didn't introduced any new products during the year.
The following, best explaining the results described above is;
(A) None of the company’s competitors introduced any new products during the last year. ( we can't say for sure that if the techcorp company didn't introduced any product, their competitors also didn't, which resulted in the company's revenue to turn up) (Out of context)
(B) Scientists at the company report that they are close to breakthroughs that should result in several new products during the coming year. (No statistics mentioned regarding scientists of the techcorp company to testify the statement, plus that didn't explain why company is able to get the desired revenue) (Incorrect)
(C) Sales of some of the company’s older products were discontinued during that last year. (This can be the reason why techcorp company products were sold, since the new products might take time to make its niche, techcorp used that period to sold off their products earning revenue) (CORRECT)
(D) The company has introduced very few new products during the last three years. ( No Given Statistics and parameter to conclude this) (Out of Scope)
(E) Company spending on research and development has increased sharply over the past five years. (Again we have no parameter to draw out this conclusion, nor it has any validation to the company's revenue last year). (incorrect)
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As companies tend to innovate faster than their customers needs evolve, most organizations eventually end up producing products or services that are actually overly sophisticated, extremely expensive, and rather complicated for many customers in their market. These innovations fall under the category of sustaining innovations, innovations that simply improve existing products. Companies pursue sustaining innovations at the higher tiers of their markets because this is what has historically helped them succeed: by charging the highest prices to their most demanding and sophisticated customers at the top of the market, companies achieve the greatest profitability. However, by doing so, companies unwittingly open the door toanother category of innovations - disruptive innovations. In contrast to sustaining innovations, disruptive innovations lie at the bottom of the market. They are made not only by harnessing new technologies but also by developing new business models and exploiting old technologies in new ways.An innovation that is disruptive allows a whole new population of consumers at the bottom of a market access to a product or service that was historically only accessible to consumers with a lot of money or a lot of skill. Personal computers, for instance, were disruptive innovations because they created a new mass market for computers - previously, expensive mainframe computers were sold only to big companies and research universities. Characteristics of disruptive businesses, at least in their initial stages, can include: lower gross margins, smaller target markets, and simpler products and services that may not appear as attractive as existing solutions whencompared against traditional performance metrics. Because these lower tiers of the market offer lower gross margins, they are unattractive to other firms moving upward in the market, creating space at the bottom of the market for new disruptive competitors to emerge.The authors primarily concerned with

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For the purpose of stimulating innovation at TechCorp, one of the company’s long-standing goals has been to obtain at least 50 percent of its annual revenues from sales of products that are no more than three years old. Last year, TechCorp achieved this goal, despite the fact that the company introduced no new products during the year.Which of the following, if true, best explains the results described above?a)None of the company’s competitors introduced any new products during the last year.b)Scientists at the company report that they are close to breakthroughs that should result in several new products during the coming year.c)Sales of some of the company’s older products were discontinued during that last year.d)The company has introduced very few new products during the last three years.e)Company spending on research and development has increased sharply over the past five years.Correct answer is option 'C'. Can you explain this answer?
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For the purpose of stimulating innovation at TechCorp, one of the company’s long-standing goals has been to obtain at least 50 percent of its annual revenues from sales of products that are no more than three years old. Last year, TechCorp achieved this goal, despite the fact that the company introduced no new products during the year.Which of the following, if true, best explains the results described above?a)None of the company’s competitors introduced any new products during the last year.b)Scientists at the company report that they are close to breakthroughs that should result in several new products during the coming year.c)Sales of some of the company’s older products were discontinued during that last year.d)The company has introduced very few new products during the last three years.e)Company spending on research and development has increased sharply over the past five years.Correct answer is option 'C'. Can you explain this answer? for GMAT 2024 is part of GMAT preparation. The Question and answers have been prepared according to the GMAT exam syllabus. Information about For the purpose of stimulating innovation at TechCorp, one of the company’s long-standing goals has been to obtain at least 50 percent of its annual revenues from sales of products that are no more than three years old. Last year, TechCorp achieved this goal, despite the fact that the company introduced no new products during the year.Which of the following, if true, best explains the results described above?a)None of the company’s competitors introduced any new products during the last year.b)Scientists at the company report that they are close to breakthroughs that should result in several new products during the coming year.c)Sales of some of the company’s older products were discontinued during that last year.d)The company has introduced very few new products during the last three years.e)Company spending on research and development has increased sharply over the past five years.Correct answer is option 'C'. Can you explain this answer? covers all topics & solutions for GMAT 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for For the purpose of stimulating innovation at TechCorp, one of the company’s long-standing goals has been to obtain at least 50 percent of its annual revenues from sales of products that are no more than three years old. Last year, TechCorp achieved this goal, despite the fact that the company introduced no new products during the year.Which of the following, if true, best explains the results described above?a)None of the company’s competitors introduced any new products during the last year.b)Scientists at the company report that they are close to breakthroughs that should result in several new products during the coming year.c)Sales of some of the company’s older products were discontinued during that last year.d)The company has introduced very few new products during the last three years.e)Company spending on research and development has increased sharply over the past five years.Correct answer is option 'C'. Can you explain this answer?.
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Last year, TechCorp achieved this goal, despite the fact that the company introduced no new products during the year.Which of the following, if true, best explains the results described above?a)None of the company’s competitors introduced any new products during the last year.b)Scientists at the company report that they are close to breakthroughs that should result in several new products during the coming year.c)Sales of some of the company’s older products were discontinued during that last year.d)The company has introduced very few new products during the last three years.e)Company spending on research and development has increased sharply over the past five years.Correct answer is option 'C'. Can you explain this answer? has been provided alongside types of For the purpose of stimulating innovation at TechCorp, one of the company’s long-standing goals has been to obtain at least 50 percent of its annual revenues from sales of products that are no more than three years old. Last year, TechCorp achieved this goal, despite the fact that the company introduced no new products during the year.Which of the following, if true, best explains the results described above?a)None of the company’s competitors introduced any new products during the last year.b)Scientists at the company report that they are close to breakthroughs that should result in several new products during the coming year.c)Sales of some of the company’s older products were discontinued during that last year.d)The company has introduced very few new products during the last three years.e)Company spending on research and development has increased sharply over the past five years.Correct answer is option 'C'. Can you explain this answer? theory, EduRev gives you an ample number of questions to practice For the purpose of stimulating innovation at TechCorp, one of the company’s long-standing goals has been to obtain at least 50 percent of its annual revenues from sales of products that are no more than three years old. Last year, TechCorp achieved this goal, despite the fact that the company introduced no new products during the year.Which of the following, if true, best explains the results described above?a)None of the company’s competitors introduced any new products during the last year.b)Scientists at the company report that they are close to breakthroughs that should result in several new products during the coming year.c)Sales of some of the company’s older products were discontinued during that last year.d)The company has introduced very few new products during the last three years.e)Company spending on research and development has increased sharply over the past five years.Correct answer is option 'C'. Can you explain this answer? tests, examples and also practice GMAT tests.
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