Some examples from this set of practice questions
1.
What are Paradigm shifts?
Answer: the dominant paradigm loses its momentum/relevance and is challenged by others with alternative positions/narratives
2.
Innovation is processual. Explain this process in 4 steps.
Answer: 1. Identify a need or a problem 2. Develop a feasible (affordable, in cost) solution 3. Product/manufacture and market the solution 4. Achieve adoption/diffusion of the innovation
3.
- Unexplored/unexploited opportunities - New discoveries/knowledge - Scarcity - Competition Are examples of?
Answer: Innovation triggers
4.
Define Economic value
Answer: the value that person places on an economic good based on the benefit that they derive from the good.
5.
The rate and direction are determined by these 4 dimensions. Name those
Answer: Economic growth, technical change, social change, institutional change
6.
What is Process innovation?
Answer: changes in the method of production or delivery of goods and services
7.
What is Organizational innovation?
Answer: new forms of organization of business operations
8.
What is market innovation?
Answer: design/packaging of product, mode of promotion/placement on the market, methods for determining the selling prices, etc.
9.
Is there a paradigm shift in Radical innovation?
Answer: Yes!
10.
Name an example of a technology “s-curve” (physical limits nearing or reached)
Answer: - Cameras (film to digital) - TV screens (vacuum tube to flat panel) - Music storage (vinyl to CDs to MP3 storage to cloud)
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