Question 1

Disruption describes an event or trend which unsettles&#8230;&#10;A) Stable competitive or operating conditions&#10;B) Stable political conditions&#10;C) Stable cash flow&#10;D) Stable resource stocks

Accepted Answer

Disruption refers to a significant change or disturbance in established patterns or systems, which can unsettle formerly stable competitive or operating conditions. It can create uncertainty and push companies to reassess and adapt their strategies to stay relevant in the market. The other options, such as political conditions, cash flow, and resource stocks, may also be affected by disruption, but they are not the primary focus of the term.

Question 2

The term 'blue ocean strategy' was coined by Kim and Mauborgne (2004) as a metaphor for&#8230;&#10;A) Uncontested market space&#10;B) Uncontested market share&#10;C) Uncontested market value&#10;D) Uncontested market segments

Accepted Answer

The term 'blue ocean strategy' refers to uncontested market space, i.e., an industry where there is no competition or where a company has created a new, untapped market that other companies are not yet competing in. This is in contrast to 'red ocean' strategies, where companies compete in a crowded market space.

Question 3

In digital innovation, data offence strategy includes:&#10;A) Monetize company data (sell as a product or service)&#10;B) Obtain competitor data&#10;C) Obtain full market data&#10;D) Exploit historic customer data

Accepted Answer

Data offence strategy involves using data to drive business growth and revenue, such as monetizing company data by selling it as a product or service.

Question 4

Creativity and innovation are separate concepts, and it is true to say that:&#10;A) Creativity underpins innovation&#10;B) Innovation underpins creativity&#10;C) Creativity and innovation are symbiotic&#10;D) Innovation and creativity are sourced from different departments

Accepted Answer

Creativity is the generation of new and original ideas, while innovation involves turning those ideas into practical and useful products, services, or processes. Therefore, creativity is the foundation upon which innovation is built. Without creativity, there can be no innovation.

Question 5

Modular innovation is characterized by:&#10;A) Unchanged product architecture&#10;B) Changed product architecture&#10;C) Redesigned base architecture&#10;D) Reconfigured product architecture

Accepted Answer

Modular innovation involves making changes or improvements to individual components (modules) of a product without altering the overall design or architecture of the product itself.

Question 6

Architectural innovation is characterized as:&#10;A) Reconfiguration of an established system&#10;B) Reconfiguration of an established product&#10;C) Reconfiguration of resource bundles&#10;D) Reconfiguration of the design team

Accepted Answer

Architectural innovation refers to the reconfiguration of an established system, meaning a significant change in the overall structure or framework of the way something is built or designed. It involves changes to the underlying components, modules, or technologies, rather than just adding features or making small improvements to an existing product or system.

Question 7

Which of the following two factors influence the speed and scale of diffusion of innovation?&#10;A) Relative advantage&#10;B) Trialability&#10;C) Similarity&#10;D) Obscurity

Accepted Answer

Relative advantage and trialability both have been shown to significantly influence the speed and scale of diffusion of innovation. Relative advantage refers to the degree to which the innovation is perceived as better than the existing standard, while trialability refers to the degree to which the innovation can be experimented with on a limited basis before a commitment to adopt it permanently is made. Similarity and obscurity are not factors that have been shown to have a significant influence on diffusion of innovation.

Question 8

Which two of the following describe characteristics of radical innovation?&#10;A) Highly revolutionary&#10;B) Competence destroying&#10;C) Reputation enhancing&#10;D) Resource exploiting

Accepted Answer

Radical innovation is highly revolutionary and competence destroying.

Question 9

The last phase in Rogers' innovation diffusion curve is termed late adopters

Accepted Answer

Late adopters are the final group of individuals who adopt an innovation in Rogers' innovation diffusion curve. This group tends to be skeptical and cautious about adopting new ideas and products.

Question 10

If an organization is described as having innovation capability, this broadly means it has sufficiently knowledgeable staff.

Accepted Answer

Innovation capability requires a workforce with the knowledge and skills to generate and implement new ideas.

Deck 11: Innovation, Disruption, and Digitalization