Section A: Multiple Choice Questions.
(1 mark x 20=20 Marks).
1. Innovation is ..............
a. Turning ideas into money.
b. Practical application of new inventions into marketable products or services
C. a+b
d. Discovering a new place
e. None of the above
2. Innovation is important for firms to compete in many industries because it enables them
Introduce new products/services into the market
Provide better utility to customers
Improve effectiveness and efficiency of processes
atb+c
None of the above
3. What is the difference between innovation and invention?
Innovation is creation or formulation of a new idea, service or product.
Invention is the practical application of an invention into a marketable product or
service
c. Invention is creation or formulation of a new idea, service or product.
d. a+b
e. All of the above
4. The advantages of technological innovation include.........
a . The most profit
b. Better utilization of the organization's resources
Cc . More projects
d . Increased GDP and standards of living worldwide
e. Stronger core competencies
5. Many innovation projects fail to generate economic returns because of
a. Technical and market uncertainties
b . Dysfunctional conflict between functional managers and project managers
Cc . Expensive
d. Infighting
e . Stress
6. Use of collaborative research agreement is increasing worldwide because of ....
a. Increased awareness