Question 1

Which of the following steps in the innovation process consists of implementing what has been learned and commercializing new products or services?

Accepted Answer

Scaling is the step in the innovation process where the focus is on implementing what has been learned and bringing new products or services to the market. This involves ramping up production, distribution, and marketing efforts to reach a wider audience and generate revenue. Experimenting involves testing and trying out different ideas, assessing involves evaluating the potential of ideas, designing involves developing the blueprint for the product or service, and imagining involves generating new ideas and exploring possibilities.

Question 2

The supply of natural resources which sustain life and produce goods and services for society is referred to as _____.

Accepted Answer

Environmental capital is the supply of natural resources which sustain life and produce goods and services for society. The other choices are related to environmental issues, but not specifically to the supply of natural resources.

Question 3

Which of the following is an example of a business model innovation?

Accepted Answer

The answer of Which of the following is an example...

Question 4

Which of the following steps in the innovation process involves building initial models, prototypes, or samples?

Accepted Answer

The step that involves building initial models, prototypes, or samples is designing. This is the phase where ideas are transformed into tangible products or services.

Question 5

Which of the following steps in the innovation process involves thinking about new possibilities?

Accepted Answer

Imagining involves brainstorming and coming up with new ideas and possibilities for the innovation. The other options involve more concrete actions, such as testing, evaluating, and implementing the ideas generated during the imagining step.

Question 6

Which of the following creates products or services that become so widely used that they largely replace prior practices and competitors?

Accepted Answer

Disruptive innovation creates new products or services that eventually replace prior practices and competitors, leading to significant changes in the market. Examples of disruptive innovations include smartphones replacing traditional landline phones and email replacing traditional letters.

Question 7

Which of the following is the final step wheel of innovation?

Accepted Answer

Scaling is the final step of the wheel of innovation, as it involves taking the successful prototype or idea and bringing it to market on a larger scale. This step includes creating a business plan, securing funding, and implementing the idea or product into the market.

Question 8

Microcredit lending is an example of _____ innovation.

Accepted Answer

Microcredit lending is a type of social business innovation, as it aims to provide financial services to those who are traditionally underserved by conventional banking systems. The main goal of microcredit lending is to help impoverished individuals start their own businesses by providing them with small loans that they can use to purchase equipment, materials, or inventory. This innovative approach to finance has helped millions of people around the world lift themselves out of poverty and achieve greater economic stability.

Question 9

Animo Inc., a firm that specializes in animation, released its latest patented animation software in the market to increase its profits by improving sales. Which of the following steps of the innovation process was executed by the firm?

Accepted Answer

Scaling involves taking a product or solution that has been developed and proven, and expanding its reach or production to meet market demand. By releasing its latest patented animation software in the market, Animo Inc. is in the scaling phase, where the focus is on increasing profits through improved sales.

Question 10

The commitment to protect the rights of present and future generations as co-stakeholders of present-day natural resources is termed as _____.

Accepted Answer

Sustainability refers to the commitment to protect the rights of present and future generations as co-stakeholders of present-day natural resources. Disruptive innovation refers to a new technology that disrupts an existing market or value network. Environmental uncertainty refers to the unpredictability of the natural environment and its potential impact on business operations. Reverse innovation refers to innovation that is first adopted in emerging markets before being brought back to developed markets. Scaling refers to the process of expanding a business or operation.

Question 11

Which of the following is an example of a social business innovation?

Accepted Answer

A social business innovation is an enterprise that uses business methods to address social or environmental issues. An organization working on maintaining cleanliness in the cities is a clear example of a social business innovation as it addresses an environmental issue and uses business methods to achieve its objective. The other options do not address a social or environmental issue in a significant way.

Question 12

Which of the following is true of sustainability?

Accepted Answer

Sustainability refers to the ability of living organisms to live in harmony with nature and not deplete natural resources for future generations. It involves a commitment to living and working in ways that protect both the present and the future generations.

Question 13

Rhapsody Inc. created a new line of cameras that work on solar energy. These solar cameras reduced the demand for digital cameras and gradually replaced the use of digital cameras and ended competition. Which of the following is prominent in this instance?

Accepted Answer

Disruptive innovation is prominent in this instance as it resulted in a new product that reduced the demand for and replaced an existing product.

Question 14

Red Sun Inc., an automobile manufacturer, developed a new car model. The firm worked on identifying the strengths and weaknesses of the new model, the costs that would be incurred in its manufacture, and its target markets. Which of the following steps of the innovation process was the firm involved in?

Accepted Answer

The firm was involved in assessing the new car model in terms of strengths and weaknesses, costs, and target markets. This falls under the assessing step of the innovation process.

Question 15

Which of the following is true of reverse innovation?

Accepted Answer

Reverse innovation recognizes innovations existing in diverse settings or locations. This type of innovation involves bringing solutions designed for emerging markets back to developed markets, which can lead to cost savings and new product ideas.

Question 16

Which of the following concepts got its start as global firms moved away from viewing innovation as a "home market" activity that creates new products and services for distribution to "foreign markets"?

Accepted Answer

Reverse innovation is a concept that emerged as global firms started to view innovation as an activity that can originate in or be developed for emerging markets and then be adapted to developed markets. This is a departure from the traditional approach where innovation was focused on developing products in the home market and then distributing them to foreign markets.

Question 17

_____ innovation pulls new products and services from settings, where they are often created under pricing constraints, and pushes them into use elsewhere.

Accepted Answer

Reverse innovation involves developing products in emerging or less affluent markets where cost constraints are a significant factor, and then adapting and scaling these innovations for more developed or affluent markets.

Question 18

Garsynth Corporation specializes in preparing eco-friendly products out of solid waste, old newspapers, and waste plastic. The firm employs individuals belonging to the weaker economic sections of the city. The company has engaged in _____ innovation.

Accepted Answer

Garsynth Corporation is focusing on creating eco-friendly products from waste materials and employing individuals from weaker economic sections, which aligns with the principles of social business innovation. This type of innovation focuses on addressing social problems and needs through business solutions.

Question 19

A group of employees of Smithson Inc., a software firm, were analyzing the practicality and feasibility of a software program by releasing a few samples of the program on the Internet for a month. Which of the following steps of the innovation process were the employees engaging themselves in?

Accepted Answer

The employees were engaging in experimentation, as they were testing the software program by releasing it on the Internet to assess its practicality and feasibility.

Question 20

The process of using environmental resources to support societal needs today while also preserving and protecting them for future generations is referred to as _____.

Accepted Answer

Sustainable development is the process of using environmental resources to support societal needs today while also preserving and protecting them for future generations. The other answer choices are either specific phenomena or unrelated terms.

Quiz 4: Environment, Technology, and Sustainability