Question 1

Which of the following uses conceptual lens and structured innovative-thinking tools to achieve market perspectives from different angles?

Accepted Answer

Opportunity space uses conceptual lens and structured innovative-thinking tools to achieve market perspectives from different angles. Business analysis involves analyzing a company's financial and operational performance. Strategic blueprint refers to a plan or roadmap for achieving business goals. Internal design analysis assesses the design of a company's products, services, and processes. Demand landscape refers to the overall demand and trends in a market.

Question 2

The ________ creativity technique begins in a thought that is written down, then proceeds to develop other thoughts that are linked to the first thought, and finally materializes a new idea by associating all the thoughts.

Accepted Answer

The description matches the technique of mind mapping, where a central idea is written down, and related ideas are added and connected to it, ultimately creating a visual map of all the associated thoughts.

Question 3

In an attempt to improve the product, a company that manufactures screwdrivers discusses the modification of each attribute, such as replacing the wooden handle with plastic, providing torque power, adding different screw heads, and so on. This creativity technique is called ________.

Accepted Answer

The answer of In an attempt to improve the product,...

Question 4

A ________ error occurs when the company dismisses a good idea.

Accepted Answer

D) DROP stands for Discarding Relevant Output and Processes. This occurs when a company dismisses a good idea or relevant information that could have helped improve their processes or output.

Question 5

________ means presenting the product concept to target consumers, symbolically of physically, and getting their reactions.

Accepted Answer

Concept testing involves presenting the product concept to target consumers and getting their reactions. Perceptual mapping, brand-positioning mapping, and brand attribute mapping are all tools used in market research but do not specifically involve presenting a product concept to consumers for their feedback. Concept development is focused on creating and refining a product concept, not testing it with consumers.

Question 6

A(n) ________ is an elaborated version of a product idea expressed in consumer terms.

Accepted Answer

A product concept is a detailed and elaborated version of a product idea expressed in consumer terms.

Question 7

Encouraged by the _______________ movement, many firms are increasingly going outside the company to tap external sources of new ideas, including customers, scientists, competitors, employees, channel members, and top management.

Accepted Answer

The term "open innovation" specifically refers to the practice of tapping into external sources for new ideas, as described in the sentence. Choice A (stage-gating) refers to a specific process for managing innovation projects internally, and choices B-D are not related to the concept being described.

Question 8

Increasingly, new-product ideas arise from ________ that combines two product concepts or ideas to create a new offering.

Accepted Answer

Lateral marketing is a strategy that involves combining different product concepts or ideas to create a new offering, which is distinct from traditional vertical marketing strategies that focus on improving existing products.

Question 9

Electro Locomotors (EL), Inc. engages in the manufacture, distribution, and marketing of custom vehicles in Asia. Bono, a hybrid car brand that the company produces, is a market leader in the hybrid vehicles segment. With the increased global focus on nature friendly vehicles and governmental subsidies for companies that manufacture hybrid vehicles, competition has increased for flex-fuel cars like Bono. The heads of the R&D team at EL is in a creative session to generate ideas for improvements to Bono. They consider each part of the car and discuss the possibilities of improvements in each of them. Identify the creativity technique used here.

Accepted Answer

The creativity technique used here is attribute listing, where the team considers each part of the car individually and discusses possible improvements for each part. This method focuses on breaking down the object (in this case, the car) into its components or attributes and then exploring ideas for each component.

Question 10

The ________ technique for stimulating creativity lists all the characteristics of an object and then modifies each to try to arrive at a new idea.

Accepted Answer

Attribute listing involves breaking down an object or idea into its individual characteristics or attributes, and then modifying or changing those attributes to generate new ideas. This technique is commonly used in brainstorming sessions to encourage creative thinking and generate innovative solutions.

Question 11

The ________ technique used for stimulating creativity identifies a problem and then considers the dimension, the medium, and the power source.

Accepted Answer

The given technique of identifying a problem and considering its dimension, medium, and power source is a key aspect of morphological analysis. Attribute listing involves listing the characteristics or qualities of an object, reverse assumption analysis involves questioning assumptions and turning them around, mind mapping involves graphically organizing thoughts and ideas, and lateral marketing involves applying marketing tactics in unique ways.

Question 12

A group of college graduates decide to start a business. Though they are knowledgeable in various business domains, they are unable to arrive at a valuable business idea. They decide to search for ideas in a structured manner. They meet together and start discussing everyone's ideas. Each idea is recorded and then the thoughts that come up in relation to the ideas are written down and discussed. This process helps them to finalize a business plan. What technique is used here?

Accepted Answer

The technique used in this scenario is mind mapping. The group is brainstorming ideas and recording them, then discussing related thoughts and connections to arrive at a final business plan. This is a typical process of a mind mapping exercise, which helps to visually represent ideas and their relationships.

Question 13

A(n) ________ is a possible product the company might offer to the market.

Accepted Answer

A product idea is a general concept or thought about a possible product that the company might offer to the market. It is the first step in the product development process and needs to be evaluated, tested, and refined before moving to the next stage. Test brand, alpha product, beta version product, and product concept all refer to different stages of the product development process and are not synonymous with a product idea.

Question 14

Modern firms use the ________ concept testing tool to design products on a computer and then produce rough models to show potential consumers for their reactions.

Accepted Answer

Rapid prototyping is a concept testing tool that involves designing products on a computer and then producing rough models to show potential consumers for their reactions. This allows firms to quickly test and refine their product ideas before investing in costly production and marketing efforts. Morphological analysis is a problem-solving technique that involves breaking down complex problems into smaller, more manageable parts. Concept testing involves presenting product ideas to potential consumers to gauge their interest and likelihood of purchase. Perceptual mapping is a marketing research tool that visually represents consumers' perceptions and preferences for different brands and products. Conjoint analysis is a statistical technique used to determine how consumers value different product features and attributes.

Question 15

Gordon Apparel, Inc. engages in the design, manufacture, and retail of fashion apparel for women, men, children, and pets. The company is known for its timely launch of apparels and stylish designer clothing. The company believes a new product has to create needs and not just satisfy the existing needs. To achieve this goal it engages in controlled idea generation techniques such as brainstorming while creating new designs. Which of the following parts of the DIG framework is given prominence here?

Accepted Answer

The given scenario emphasizes the importance of creating new needs and controlled idea generation techniques such as brainstorming while creating new designs. This aligns with the opportunity space component of the DIG framework which focuses on identifying new opportunities and generating ideas for new products.

Question 16

Identify the element in the DIG network that considers how a new product can fit into customers lives and how it can be distinguished from the competitors' products.

Accepted Answer

The element in the DIG network that considers how a new product can fit into customers' lives and how it can be distinguished from competitors' products is the strategic blueprint. This element looks at the market positioning, target audience, and brand identity of the new product to ensure that it meets customers' needs and stands out from competitors' offerings. The other options, including business analysis, internal design analysis, demand landscape, and opportunity space, are important parts of the product development process but do not specifically address how the product can be differentiated in the market.

Question 17

Surgeons and ER nurses would be considered ________ for surgical equipment.

Accepted Answer

The answer of Surgeons and ER nurses would be considered...

Question 18

Morboro Energy, Inc. is a large chain of fuel stations. The company decided to expand its business by incorporating restaurants and automobile service stations as a part of its fuel outlets. This is an example of ________.

Accepted Answer

The answer of Morboro Energy, Inc. is a large chain...

Question 19

Besides producing new and better ideas, __________ can help customers feel closer to and more favorably toward the company.

Accepted Answer

Cocreation involves involving customers in the process of generating new ideas and creating products, which can make customers feel more engaged and loyal to the company. Stage-gating, microstocking, and buzzing do not directly involve customers in the innovation process, while open innovation may involve external partners but not necessarily customers specifically.

Question 20

________ works by listing all the normal assumptions about an entity and then turning them around.

Accepted Answer

Reverse assumption analysis involves listing all the normal assumptions about an entity and then turning them around. This technique helps to challenge conventional thinking and come up with new ideas. Options A, B, D, and E refer to different creative problem-solving techniques.

Quiz 20: Introducing New Market Offerings