Question

An innovation is a/an _________ between customer needs and solutions in the form of physical goods or services.

Multiple Choice

• novel match

• unoriginal match

• unoriginal mismatch

• novel mismatch

Twitter as a new social media platform provided a novel ________ to an _________.

Multiple Choice

• solution, existing user need

• need, existing product

• solution, unmet user need

• need, unmet product

Besides being a novel match between a __________ and a solution, an innovation should also create _________.

Multiple Choice

• cost, a fad

• cost, value

• need, a fad

• need, value

A new product or service creates a ________ value if it costs ______ to supply the new product or service than customers are willing to pay.

Multiple Choice

• social, more

• social, less

• financial, more

• financial, less

Which of the following statements about innovations is TRUE?

Multiple Choice

• The novelty associated with an innovation can only come from the demand side.

• The novelty associated with an innovation can only come from the supply side.

• All innovations are incremental.

• Innovations can be refinements of existing solutions.

_________ innovations tend to serve _________ customers.

Multiple Choice

• Incremental, new

• Incremental, existing

• Internal, new

• Internal, existing

COURSE: OPERATIONS MANAGEMENT

Answer 1

1) An innovation is a/an _________ between customer needs and solutions in the form of physical goods or services.

novel match

Explanation: An innovation is a novel match between customer needs and solutions, such that value is created. The novelty can be in the solution, in the need or in the match.

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2) Twitter as a new social media platform provided a novel ________ to an _________.

solution, existing user need

Explanation: Twitter is a social media, it launched on 21 March, 2006 in California. At that time, there other means of communication available. And facebook was available as social media platform, which means there was an existing need, but it was not unmet. Twitter provided a novel solution to an existing user need

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3) Besides being a novel match between a __________ and a solution, an innovation should also create _________.

need, value

Explanation: This is in the definition of innovation, as explained in (1).

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4) A new product or service creates a ________ value if it costs ______ to supply the new product or service than customers are willing to pay.

​​​​​​​financial, less

Explanation: value is the difference between the perceived benefits and the cost. So, a new product or service creates a value, if its cost is less than what the customers are willing to pay.