Tag: joint ventures

Questions Related to joint ventures

Process innovation refers to __________.

joint ventures private, public and global enterprises public sector, private sector and global enterprises organisation of commerce and management business studies

  1. The development of a new office

  2. The development of a new advertisement

  3. The implementation of a new tool or improved machinery

  4. The development of new products or services

Show answer
Correct Option: C
Explanation:

Process innovation means the implementation of a new or significantly improved production or delivery method (including significant changes in techniques, equipment and/or software.

Process innovation is a new or significantly improved way of doing things in a business that typically increases production levels and decreases costs.Delivery: Delivery process innovations involve tools, techniques, and software solutions to help in supply chain and delivery systems.

Identify the best example of innovator among the following.

joint ventures private, public and global enterprises public sector, private sector and global enterprises organisation of commerce and management business studies

  1. A retail book shop

  2. Textile shop

  3. Smartphone manufacturer

  4. Mining company

Show answer
Correct Option: C
Explanation:

The mobile phone industry is a very innovative segment within the ICT sector and the smartphone is becoming the standard configuration among the different types of mobile devices. Technical change and new product proliferation have made this industry extremely dynamic, even if market shares are highly concentrated in companies. 

Innovation can be best defined as _______________.

joint ventures private, public and global enterprises public sector, private sector and global enterprises organisation of commerce and management business studies

  1. Commercialization of a new product or process

  2. Invention of a new product or process

  3. An idea of a new product or a process

  4. Implementation of a new production method

Show answer
Correct Option: A
Explanation:

The process of translating an idea or invention into a good or service that creates value or for which customers will pay. 

In business, innovation often results when ideas are applied by the company in order to further satisfy the needs and expectations of the customers.
Innovation generally refers to changing processes or creating more effective processes, products and ideas. For businesses, this could mean implementing new ideas, creating dynamic products or improving your existing services. Innovation can increase the likelihood of your business succeeding.