D081 Innovative and Strategic Thinking
Questions with 100% Correct Answers
Initiative - ANSWER An organizational priority that identifies a direction or strategic area
of focus.
Iterative - ANSWER Repeated cycles that increasingly approach the desired result.
Innovation - ANSWER Process of developing and implementing a new product or
process that delivers value to users or customers; the application of creativity to
develop a new product or service that has value; refers to coming up with a better idea
or method, or integrating a new approach within a contextual model; finding new ways
to do things.
Creativity - ANSWER Generation of novel or unique ideas; the process of generating
something new.
Critical Thinking - ANSWER Disciplined process of rational, evidenced-based, and open-
minded thinking that involves analysis and evaluation of inputs to reach an answer.
Innovative Thinking - ANSWER Critical thinking with an added element of creativity
drawing upon analysis and evaluation to ideate a more effective solution to a problem.
Market Share - ANSWER The percentage of sales in a market controlled by a particular
company or product.
Customer Value - ANSWER The benefit (vs. cost) a customer receives from a product or
service offering.
, Product Innovations - ANSWER New or improved good or services offered to the market
that add direct value to customers.
Process Innovations - ANSWER New or improved ways of conducting business, such as
the application of new technology, production techniques, or distribution methods that
add indirect value to customers by lowering costs, increasing the quality of new or
existing products or services, or both.
Invention - ANSWER The creation of a unique new idea, process, or object.
Research and Development - ANSWER Organizational activities with the goal of
innovating products and services.
Incremental Innovations - ANSWER Gradual improvements to products or processes.
Breakthrough Innovations - ANSWER The development of an entirely new product or
process.
Transformational Innovations - ANSWER Organizational adaptation and development of
new processes and business models.
Business Model - ANSWER A company's plan for creating value, including the types of
products and services it will offer to earn revenue.
Design Thinking - ANSWER A human-centered process for innovation consisting of six
iterative stages - empathize, define, ideate, prototype, test, and implement.
Scientific Method - ANSWER Empirical approach or procedure used to hypothesize and
test observations.
Questions with 100% Correct Answers
Initiative - ANSWER An organizational priority that identifies a direction or strategic area
of focus.
Iterative - ANSWER Repeated cycles that increasingly approach the desired result.
Innovation - ANSWER Process of developing and implementing a new product or
process that delivers value to users or customers; the application of creativity to
develop a new product or service that has value; refers to coming up with a better idea
or method, or integrating a new approach within a contextual model; finding new ways
to do things.
Creativity - ANSWER Generation of novel or unique ideas; the process of generating
something new.
Critical Thinking - ANSWER Disciplined process of rational, evidenced-based, and open-
minded thinking that involves analysis and evaluation of inputs to reach an answer.
Innovative Thinking - ANSWER Critical thinking with an added element of creativity
drawing upon analysis and evaluation to ideate a more effective solution to a problem.
Market Share - ANSWER The percentage of sales in a market controlled by a particular
company or product.
Customer Value - ANSWER The benefit (vs. cost) a customer receives from a product or
service offering.
, Product Innovations - ANSWER New or improved good or services offered to the market
that add direct value to customers.
Process Innovations - ANSWER New or improved ways of conducting business, such as
the application of new technology, production techniques, or distribution methods that
add indirect value to customers by lowering costs, increasing the quality of new or
existing products or services, or both.
Invention - ANSWER The creation of a unique new idea, process, or object.
Research and Development - ANSWER Organizational activities with the goal of
innovating products and services.
Incremental Innovations - ANSWER Gradual improvements to products or processes.
Breakthrough Innovations - ANSWER The development of an entirely new product or
process.
Transformational Innovations - ANSWER Organizational adaptation and development of
new processes and business models.
Business Model - ANSWER A company's plan for creating value, including the types of
products and services it will offer to earn revenue.
Design Thinking - ANSWER A human-centered process for innovation consisting of six
iterative stages - empathize, define, ideate, prototype, test, and implement.
Scientific Method - ANSWER Empirical approach or procedure used to hypothesize and
test observations.
