D081 BUS 2080
Innovative & Strategic Thinking
Final Assessment (Qns & Ans)
2025
1. Which of the following best describes the concept of 'blue
ocean strategy'?
- A. Competing in an existing market space
- B. Creating a new market space and making the competition
irrelevant
- C. Reducing costs to gain a competitive advantage
- D. Focusing on incremental improvements
©2024/2025
, - ANS: B. Creating a new market space and making the
competition irrelevant
- Rationale: Blue ocean strategy involves creating new
market spaces where competition is minimal or nonexistent, thus
making the competition irrelevant.
2. What is the primary goal of disruptive innovation?
- A. To improve existing products incrementally
- B. To create new markets and value networks
- C. To reduce production costs
- D. To enhance customer service
- ANS: B. To create new markets and value networks
- Rationale: Disruptive innovation aims to create new
markets and value networks, often displacing established market-
leading firms and products.
3. Which of the following best describes the concept of 'strategic
foresight'?
- A. Short-term planning
- B. Predicting future trends and preparing for them
- C. Analyzing past performance
- D. Implementing current strategies
©2024/2025
, - ANS: B. Predicting future trends and preparing for them
- Rationale: Strategic foresight involves anticipating future
trends and preparing strategies to address potential opportunities
and challenges.
Fill-in-the-Blank Questions
4. The process of generating new ideas and concepts that lead to
innovative products, services, or processes is known as
__________.
- ANS: Ideation
- Rationale: Ideation is the creative process of generating,
developing, and communicating new ideas.
5. __________ is a strategic management tool used to identify
and analyze the strengths, weaknesses, opportunities, and threats
of an organization.
- ANS: SWOT Analysis
- Rationale: SWOT Analysis helps organizations understand
their internal and external environments to develop effective
strategies.
6. The __________ matrix is used to evaluate a company's
strategic business units based on market growth and market share.
- ANS: BCG (Boston Consulting Group)
©2024/2025
, - Rationale: The BCG matrix helps companies prioritize their
business units by assessing their market growth and market share.
True/False Questions
7. True or False: Incremental innovation involves making small,
continuous improvements to existing products or processes.
- ANS: True
- Rationale: Incremental innovation focuses on making small,
continuous improvements to enhance existing products or
processes.
8. True or False: Strategic thinking is only relevant for top-level
management.
- ANS: False
- Rationale: Strategic thinking is relevant at all levels of
management, as it involves making decisions that align with the
organization's long-term goals.
9. True or False: Open innovation involves collaborating with
external partners to develop new ideas and solutions.
- ANS: True
- Rationale: Open innovation encourages collaboration with
external partners, such as customers, suppliers, and research
institutions, to develop new ideas and solutions.
©2024/2025
Innovative & Strategic Thinking
Final Assessment (Qns & Ans)
2025
1. Which of the following best describes the concept of 'blue
ocean strategy'?
- A. Competing in an existing market space
- B. Creating a new market space and making the competition
irrelevant
- C. Reducing costs to gain a competitive advantage
- D. Focusing on incremental improvements
©2024/2025
, - ANS: B. Creating a new market space and making the
competition irrelevant
- Rationale: Blue ocean strategy involves creating new
market spaces where competition is minimal or nonexistent, thus
making the competition irrelevant.
2. What is the primary goal of disruptive innovation?
- A. To improve existing products incrementally
- B. To create new markets and value networks
- C. To reduce production costs
- D. To enhance customer service
- ANS: B. To create new markets and value networks
- Rationale: Disruptive innovation aims to create new
markets and value networks, often displacing established market-
leading firms and products.
3. Which of the following best describes the concept of 'strategic
foresight'?
- A. Short-term planning
- B. Predicting future trends and preparing for them
- C. Analyzing past performance
- D. Implementing current strategies
©2024/2025
, - ANS: B. Predicting future trends and preparing for them
- Rationale: Strategic foresight involves anticipating future
trends and preparing strategies to address potential opportunities
and challenges.
Fill-in-the-Blank Questions
4. The process of generating new ideas and concepts that lead to
innovative products, services, or processes is known as
__________.
- ANS: Ideation
- Rationale: Ideation is the creative process of generating,
developing, and communicating new ideas.
5. __________ is a strategic management tool used to identify
and analyze the strengths, weaknesses, opportunities, and threats
of an organization.
- ANS: SWOT Analysis
- Rationale: SWOT Analysis helps organizations understand
their internal and external environments to develop effective
strategies.
6. The __________ matrix is used to evaluate a company's
strategic business units based on market growth and market share.
- ANS: BCG (Boston Consulting Group)
©2024/2025
, - Rationale: The BCG matrix helps companies prioritize their
business units by assessing their market growth and market share.
True/False Questions
7. True or False: Incremental innovation involves making small,
continuous improvements to existing products or processes.
- ANS: True
- Rationale: Incremental innovation focuses on making small,
continuous improvements to enhance existing products or
processes.
8. True or False: Strategic thinking is only relevant for top-level
management.
- ANS: False
- Rationale: Strategic thinking is relevant at all levels of
management, as it involves making decisions that align with the
organization's long-term goals.
9. True or False: Open innovation involves collaborating with
external partners to develop new ideas and solutions.
- ANS: True
- Rationale: Open innovation encourages collaboration with
external partners, such as customers, suppliers, and research
institutions, to develop new ideas and solutions.
©2024/2025
