Question 1

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

Accepted Answer

Environmental capital refers to the natural resources that are used for production, consumption, and sustenance of life. This includes resources such as clean air, water, fertile soil, and biodiversity. It is important to maintain and conserve environmental capital to ensure the sustainability of economic and social development. The other options are related to specific environmental issues and concepts, but do not encompass the broad concept of natural resource supply.

Question 2

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 3

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 the concept that emerged as global firms moved away from viewing innovation as a "home market" activity that creates new products and services for distribution to "foreign markets". It refers to innovations originally developed for or by emerging-market nations that are then imported to developed-market nations.

Question 4

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 5

Which of the following is true of sustainability?

Accepted Answer

Sustainability is the commitment to balance economic, social, and environmental considerations in a way that protects the rights of both present and future generations. It involves ensuring that resources are used in an efficient and responsible way, so that they are available for future generations.

Question 6

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

Accepted Answer

Designing involves the creation of initial models, prototypes or samples to test and refine ideas before they are brought to market.

Question 7

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

The scenario describes a disruptive innovation where a new technology (solar cameras) disrupts and gradually replaces an existing technology (digital cameras) and ends competition.

Question 8

Which of the following is true of reverse innovation?

Accepted Answer

Reverse innovation recognizes innovations existing in diverse settings or locations, and brings these ideas back to more established markets. It is a process where innovations are developed in emerging or developing countries and then brought back to developed countries. Therefore, option C is the correct answer. The other options either do not accurately describe the concept of reverse innovation or are misleading.

Question 9

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 products or services that completely alter the market, replacing prior practices and competitors. This can occur through lower prices, simpler design, or other factors that fundamentally change the way consumers use the product or service. Sustainability, sustaining innovation, transformational innovation, and incremental change may improve existing products or services, but they are less likely to displace the competition in the same way that disruptive innovation does.

Question 10

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

Accepted Answer

Scaling is the final step in the Wheel of Innovation, where the idea or product that has been developed is launched into the market or implemented on a larger scale. This requires extensive planning, marketing, and distribution strategies.

Question 11

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 insights gained from experimenting and assessing are put into practice by implementing and commercializing new products or services. Designing is the step where new ideas are developed and prototypes are created. Imagining is the initial step in the innovation process where ideas are generated. Assessing is the step where the market potential and feasibility of new ideas are evaluated.

Question 12

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 the assessing step of the innovation process where they identified the strengths and weaknesses of the new model, the costs that would be incurred in its manufacture, and its target markets.

Question 13

Microcredit lending is an example of _____ innovation.

Accepted Answer

Microcredit lending is a type of social business innovation, which focuses on creating sustainable solutions to social issues through business models. It involves providing small loans to low-income individuals to start or expand their businesses, with the goal of reducing poverty and promoting economic development.

Question 14

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 15

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

Accepted Answer

A social business innovation refers to a business concept that is aimed at solving social problems. Thus, the organization striving to maintain cleanliness in the cities is a social business innovation as it addresses a social problem. The other options do not directly solve social problems, but rather focus on individual customer satisfaction or optimizing business operations.

Question 16

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 triple bottom line experiment involves evaluating an organization's financial, social, and environmental performance. Global warming and the greenhouse effect are related to climate change. Scaling refers to the process of expanding or replicating successful initiatives or programs.

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

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

Accepted Answer

The commitment mentioned in the question is a core pillar of sustainability, which refers to the ability to meet the needs of the present generation without compromising the ability of future generations to meet their own needs. Other options such as disruptive innovation, reverse innovation, scaling, and environmental uncertainty do not accurately describe this commitment.

Question 19

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's focus on eco-friendly products and employment of individuals from weaker economic sections of the city indicates a social business innovation approach. This approach prioritizes the creation of social impact and addresses societal challenges through innovative business models.

Question 20

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 conducting an experiment by releasing samples of the software program on the Internet to test its practicality and feasibility.

Quiz 4: Environment, innovation, and Sustainability