SET - A

Subject Name: INTRODUCTION TO INNOVATION AND ENTREPRENEURSHIP

Marks : 25
Each Question Carry ONE Mark
UNIT 1 - INTRODUCTION TO INNOVATION

I. Multiple Choice Questions:

1.What is the primary goal of innovation in a business context?

A) Reducing costs
B) Enhancing customer value
C) Increasing production time
D) Minimizing employee turnover

Answer: B

2. Which of the following best describes innovation as a core business process?

A) An occasional activity
B) Integrated into the company’s overall strategy
C) Random and unplanned
D) Managed by an external consultant

Answer: B

3. Knowledge push innovations are primarily driven by:

A) Customer needs
B) Market demand
C) Technological advancements
D) Competitor actions

Answer: C

4. Need pull innovations are primarily driven by:

A) Scientific discoveries
B) Market needs and customer feedback
C) Internal research and development
D) External economic factors

Answer: B

5. Which of the following is NOT a source of innovation?

A) Internal R&D
B) Customer feedback
C) Technological advances
D) Random luck
Answer: D

II. Fill in the Blanks:

1. Innovation is defined as the process of translating an idea or invention into a good or service that creates
------------------ value for which customers will pay.
Answer: Value

2. One reason why innovation is important for businesses is that it drives ------------- and competitive
advantage.
Answer: growth

3. Innovation as a core business process involves integrating it into the company's ---------- strategy and
Operations.
Answer: overall

4.Sources of innovation can be both internal, such as---------------- and external, such as market research.

Answer: research and development

5. Knowledge push innovations are driven by advances in or technology.

Answer: science

III. True or False

1. Innovation only involves the creation of new products.
Answer: False
2. The main goal of innovation is to create value and improve competitive advantage.
Answer: True
3. Innovation is not necessary for businesses that already have a strong market presence.
Answer: False
4. Innovation can involve improvements in processes, services, and business models. (True)
Answer: True
5. Innovation is a one-time event rather than an on-going process. (False)
Answer: False

IV. Match the Following

1. Match the following managerial skills with their descriptions:
1. Technical skills A. Ability to work well with others
2. Human skills B. Ability to perform specific tasks
3. Conceptual skills C. Ability to understand complex
situations
4. Design skills D. Ability to solve problems
creatively
a, 1 - C, 2 - D, 3 - A, 4 - B
b, 1 - B, 2 - C, 3 - A, 4 - D
c, 1 - B, 2 - A, 3 - C, 4 - D
d, 1 - D, 2 - C, 3 - B, 2 - A
2. Match the following theorists with their contributions:
1. Frederick Taylor A. Systems theory
2. Elton Mayo B. Human relations
3. Ludwig von Bertalanffy C. Scientific management
4. Henry Fayol D. Administrative theory
a, 1 - D, 2 - B, 3 - C, 4 - A
b, 1 - C, 2 - B, 3 - D, 4 - A
 c, 1 - A, 2 - B, 3 - D, 4 - C
d, 1 - C, 2 - B, 3 - A, 4 - D
3. Match the following management approaches with their key ideas:
A. Emphasizes efficiency and
1. Scientific management
productivity
B. Focuses on social factors and
2. Human relations
employee well-being
C. Views organization as an
3. Systems theory
interrelated system
4. Contingency theory D. Suggests no one best way to
manage

a, 1 - D, 2 - A, 3 - B, 4 - C
b, 1 - A, 2 - B, 3 - C, 4 - D
c, 1 - D, 2- B, 3 - A, 4 - C
d, 1 - C, 2 - D, 3 - D, 4 - B

4. Match the following business types with their characteristics:

1. Sole proprietorship A. Owned by one individual
2. Partnership B. Owned by two or more individuals
3. Private limited company C. Shares not offered to the public
4. Public sector enterprise D. Government-owned
a, 1 - A, 2 - B, 3 - C, 4 - D
b, 1 - B, 2 - C, 3 - D, 4 - A
c, 1 - C, 2- B, 3 - A, 4 - D
d, 1 - D, 2- C, 3 - B, 4- 1
5. Match the following types of companies with their descriptions:
A. Single owner with unlimited
1. Sole proprietorship
liability
B. Shared ownership and decision-
2. Partnership
making
3. Public limited company C. Privately owned and profit-driven
4. Private sector enterprise D. Shares can be bought by the public
a, 1 - D, 2 - B, 3 - C, 4 - A
b, 1 - A, 2 - B, 3 - D, 4 - C
c, 1 - C, 2 - D, 3 - B, 4 - A
d, 1 - A, 2 - C, 3 - B, 4 - D
V. Short Answers:
1. What is the definition of management?
Management is the process of planning, organizing, leading, and controlling resources to
achieve organizational goals.
2. Is management considered a science or an art?
Management is considered both a science and an art.
3. What is the primary difference between a manager and an entrepreneur?
A manager administers and coordinates resources to achieve organizational goals, while an
entrepreneur creates and operates a new business venture.
4. Name two types of managers.
 Functional managers and general managers.
5. What are the three primary managerial roles according to Mintzberg?
Interpersonal roles, informational roles, and decisional roles.