MGT 4893 Chapter 12 Questions and
Correct Answers 2026 Updated.
Q: Why must firms continually seek out opportunities for growth and new methods for
strategically renewing their performance? - Answer A: To remain competitive, because
changes in customer needs, technologies, and shifts in the competitive landscape require
companies to continually innovate and initiate corporate ventures in order to compete
effectively
Q: What is the importance of innovation to the organization? - Answer A: Innovations are one
of the most important sources for growth opportunities and often create new markets, update
products or services, and help renew organizational processes all of which are required for firms
to remain competitive
Q: What is an innovation? - Answer A: The use of new knowledge to transform organizational
processes or create commercially viable products and services
Q: Where does the new knowledge that innovations use come from? - Answer A: The sources
of new knowledge may include new technology, the result of experiments, individuals creative
insights, or collection of competitive information
Q: When does innovation occur? - Answer A: Innovation occurs when new combinations of
ideas and information bring about positive change
Q: What are the four types of innovation? - Answer A: The four types of innovation are 1)
product innovation 2) process innovation 3) radical innovation and 4)incremental innovation
Q: What is a product innovation? - Answer A: Refers to efforts to create product designs and
applications of technology to develop new products for end users
Q: What is a process innovation? - Answer A: Refers to efforts to improve the efficiency or
organizational processes, especially manufacturing systems and operations
Q: What is a radical innovation? - Answer A: Refers to an innovation that fundamentally
changes existing practices by evoking major departures from existing practices and usually occur
because of technological change
Q: What is a incremental innovation? - Answer A: Refers to an innovation that enhances
existing practices or makes small improvements in products or processes
, Product innovation - Answer Efforts to create product designs and applications of technology
to develop new products for end users
Process innovation - Answer Efforts to improve the efficiency of organizational processes,
especially in manufacturing systems and operations
Radical innovation - Answer An innovation that fundamentally changes existing practices
Incremental innovation - Answer An innovation that enhances existing practices or makes
small improvements to products and processes
Q: What are the five steps that firms can take to improve the innovation process within the
firm? - Answer A: 1) Cultivating innovation skills 2) defining the scope of innovation 3)
managing the pace of innovation 4) staffing to capture value from innovation and 5)
collaborating with innovation partners
Q: What is the innovation process improvement step cultivating innovation skills all about? -
Answer A: It is all about seeing the potential in innovations and to move the organization
forward in leveraging the value of those innovations by improving creative intelligence which is
driven by the skill of association
Q: What is the innovation process improvement step defining the scope of innovation all about?
- Answer A: It is all about a means to focus firm's innovation efforts by defining their strategic
envelope, which is the scope of their firm's innovation efforts, to ensure that the firm's efforts
are not wasted on projects that are outside of the firm's domain of interest
Q: What is the innovation process improvement step managing the pace of innovation all
about? - Answer A: It is all about regulating the pace of innovation so that companies have a
sense of their internal clock in a way that allows them to thwart competitors by controlling the
innovation process, and put out innovations when they are ready to go to market so as not to
damage their reputation and future ability to innovate with a subpar innovation
Q: What is the innovation process improvement step staffing to capture value from innovation
all about? - Answer A: It is all about bringing to the organization members with experience
working with teams and working on successful innovation projects that will aid strategic
decision makers in identifying, developing and commercializing innovations effectively
Q: What is the innovation process improvement step collaborating with innovation partners all
about? - Answer A: It is all about working with innovation partners that may come from
universities or federal government entities to make innovation projects succeed by sharing
information and experience to carry an innovation from concept to commercialization
Correct Answers 2026 Updated.
Q: Why must firms continually seek out opportunities for growth and new methods for
strategically renewing their performance? - Answer A: To remain competitive, because
changes in customer needs, technologies, and shifts in the competitive landscape require
companies to continually innovate and initiate corporate ventures in order to compete
effectively
Q: What is the importance of innovation to the organization? - Answer A: Innovations are one
of the most important sources for growth opportunities and often create new markets, update
products or services, and help renew organizational processes all of which are required for firms
to remain competitive
Q: What is an innovation? - Answer A: The use of new knowledge to transform organizational
processes or create commercially viable products and services
Q: Where does the new knowledge that innovations use come from? - Answer A: The sources
of new knowledge may include new technology, the result of experiments, individuals creative
insights, or collection of competitive information
Q: When does innovation occur? - Answer A: Innovation occurs when new combinations of
ideas and information bring about positive change
Q: What are the four types of innovation? - Answer A: The four types of innovation are 1)
product innovation 2) process innovation 3) radical innovation and 4)incremental innovation
Q: What is a product innovation? - Answer A: Refers to efforts to create product designs and
applications of technology to develop new products for end users
Q: What is a process innovation? - Answer A: Refers to efforts to improve the efficiency or
organizational processes, especially manufacturing systems and operations
Q: What is a radical innovation? - Answer A: Refers to an innovation that fundamentally
changes existing practices by evoking major departures from existing practices and usually occur
because of technological change
Q: What is a incremental innovation? - Answer A: Refers to an innovation that enhances
existing practices or makes small improvements in products or processes
, Product innovation - Answer Efforts to create product designs and applications of technology
to develop new products for end users
Process innovation - Answer Efforts to improve the efficiency of organizational processes,
especially in manufacturing systems and operations
Radical innovation - Answer An innovation that fundamentally changes existing practices
Incremental innovation - Answer An innovation that enhances existing practices or makes
small improvements to products and processes
Q: What are the five steps that firms can take to improve the innovation process within the
firm? - Answer A: 1) Cultivating innovation skills 2) defining the scope of innovation 3)
managing the pace of innovation 4) staffing to capture value from innovation and 5)
collaborating with innovation partners
Q: What is the innovation process improvement step cultivating innovation skills all about? -
Answer A: It is all about seeing the potential in innovations and to move the organization
forward in leveraging the value of those innovations by improving creative intelligence which is
driven by the skill of association
Q: What is the innovation process improvement step defining the scope of innovation all about?
- Answer A: It is all about a means to focus firm's innovation efforts by defining their strategic
envelope, which is the scope of their firm's innovation efforts, to ensure that the firm's efforts
are not wasted on projects that are outside of the firm's domain of interest
Q: What is the innovation process improvement step managing the pace of innovation all
about? - Answer A: It is all about regulating the pace of innovation so that companies have a
sense of their internal clock in a way that allows them to thwart competitors by controlling the
innovation process, and put out innovations when they are ready to go to market so as not to
damage their reputation and future ability to innovate with a subpar innovation
Q: What is the innovation process improvement step staffing to capture value from innovation
all about? - Answer A: It is all about bringing to the organization members with experience
working with teams and working on successful innovation projects that will aid strategic
decision makers in identifying, developing and commercializing innovations effectively
Q: What is the innovation process improvement step collaborating with innovation partners all
about? - Answer A: It is all about working with innovation partners that may come from
universities or federal government entities to make innovation projects succeed by sharing
information and experience to carry an innovation from concept to commercialization
