Amity solved Assignment of Innovation in Business & Entreprise

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Innovation in Business & Entreprise

Assignment A

1.         Write a brief note on the following:

a. Simplicity and innovation

b. Creativity and innovation

2.         How would you promote innovation at grass-root level? Support your understanding with relevant examples.       

3.         Explain briefly the process of innovation through idea generation.  

4.         Explain the concept of Disruptive Innovation. How would you implement this technique in an entrepreneurial venture? Support your answer with relevant examples.        

5.         You are successfully running a new venture in telecom sector. How would you innovate in the space of using reverse innovation? Support your answer with examples.       

6.         Create a Customer centered innovation map for an industry of your choice. Explain the difference in approach while implementing this strategy as compared to the Producer centered innovation.       

7.         What do you understand by the Discovery-driven planning process? How does it differ from the conventional planning process. Support your answer with relevant examples.         

8.         How does team-building impact the innovation strategy of an organization? Support your answer with relevant examples.

 

Assignment B

 

Case Detail : 

 

Mansukhbhai Prajapati, a potter living in rural Gujarat, is completely untaught in English. But the lack of formal education has not hindered this grassroots entrepreneur from building a thriving business using just clay. Prajapati, who belongs to Nichimandal, a village in Rajkot, Gujarat, is the founder of Mitticool Clay Creation, a company that makes refrigerators, water filters, cookers, hot plates and other such items of daily use from clay. It all began when Prajapati first built a clay refrigerator that naturally cools the food inside, and does not depend on conventional sources of energy. This cooling process can keep water, fruits and vegetables fresh for a week, while milk can be preserved for three days. The product now is priced at just `2,000 — almost one-tenth of the basic refrigerator models from LG, or Whirlpool.

 

"This fridge also preserves the original taste of vegetables and fruits," says Prajapati. Mitticool's products have captured the imagination of the rural areas. Today it has revenues of around `30 lakh and has sold over one lakh products in just six years since it started off. Prajapati is among the new breed of several hundred grassroots innovators in India who are using imagination and innovation to solve basic issues of deprivation at the bottom of the pyramid.

 

Such innovations are finding a market not just in India but also in other emerging markets and even developed nations. For instance, while Prajapati sells to Indian retailers such as Big Bazaar, he says that the same products have also reached customers in London, America, Singapore and Africa, thanks to the National Innovation Foundation (NIF). "We are reversing the model of globalisation. It is now emerging from India," says professor Anil Gupta, faculty member at the Indian Institute of Management, Ahmedabad, and executive vice-chairman of NIF. "This model is not about business to consumers, but grassroot to global markets."

 

"India's rural market spread along 600,000 villages, covering 110 million rural households and over 700 million people. This offers huge market for low-priced utility products," says Paul Basil, founder and CEO, Villgro Innovations Foundation, an NGO that focuses on rural markets. These innovations are becoming a force to reckon with at a time when large corporations are spending billions of dollars to kick-start new innovations.

 

Just as Jeganathan's mission is to cut infant mortality, the common factor for innovation at the grassroots level is the impact they have on a large number of people. Piramal Water is a for-profit business set up under the aegis of the Piramal Foundation. The company provides medium-scale water purification machines to rural franchisees. These franchise owners in turn distribute the clean water to the households in the area surrounding the unit. The company has 117 franchises and provides potable water to around 65,000 rural Indians. "We provide the machine, maintenance and servicing," said Anand Shah, CEO, Piramal Water. The franchise owner pays `2 lakh upfront and 40% of the revenues to Sarvajal. A can of 20 litres of drinking water is made available at just `4. "We are not just providing clean water, we are also trying to create rural entrepreneurs," says Shah.

 

Despite so many innovations, only firms like SKEPL have been able to scale up. "For these innovations to scale and reach to global audience, it is important that ventures are run as for-profit businesses," says Rita Soni, CEO, Nasscom Foundation. Despite all these, India is set to become a hub for grassroot innovations and a test market for MNCs to tap other emerging countries as well. According to NIF's Gupta, large corporations cannot think the way these innovators can, because they are closer to the problem. "They are teaching them new rules. The future is going to be dematerialised economy as it will be driven by knowledge," says Gupta of NIF.

 

Question

1.         Based on the article, list down the challenges faced by the innovator at grassroot level. Support your arguments with relevant assumptions.

 

2.         Piramal Water, in the case above, is a classic example of making profit through satisfying the needs of consumers at the bottom of the pyramid. Do a critical analysis of their model with the limited information given in the case. Support your argument with relevant assumptions.

 

3.         Critically evaluate the statement "Such innovations are finding a market not just in India but also in other emerging markets and even developed nations". Support your answer with examples.

 

Assignment C

 

Question No.  1           Marks - 10

Innovation is defined as_________  

 

Options          

1. the commercialization of a new product or process   
2. The invention of a new product or process.   
3. New product or process idea.
4. the implementation of a new production method

 

Question No.  2           Marks - 10

Process innovation refers to:  

 

Options          

1. the development of a new service     
2. the development of a new product    
3. the implementation of a new or improved production method         
4. the development of new products or services

 

Question No.  3           Marks - 10

Innovation can help to provide a temporary competitive advantage when   

 

Options          

1. barriers to entry are high        
2. barriers to imitation are low and intellectual property rights are difficult to enforce
3. there are few other competitors         
4. barriers to entry are low

 

Question No.  4           Marks - 10

Following establishment of a dominant design in the product life cycle, what would you expect to happen?           

 

Options          

1. Emphasis on product innovation rather than process innovation      
2. Emphasis on process innovation rather than product innovation      
3. Competition to increase as new firms enter the industry       
4. Competition to decrease as more firms exit than enter the industry

 

Question No.  5           Marks - 10

Established firms relative to new firms are better at:

 

Options          

1. all types of innovation
2. innovation which is competence-enhancing  
3. innovation which is competence-destroying  
4. Innovation which is disruptive

 

Question No.  6           Marks - 10

In which markets are network effects likely?

 

Options          

1. Markets subject to increasing returns 
2. 'Multi-level markets   
3. Hi-tech product markets        
4. All of the above

 

Question No.  7           Marks - 10

Which of the following are valuable in a standards war?      

 

Options          

1. Competitive advantage          
2. Late mover advantage
3. Early mover advantage          
4. Technological advantage

 

Question No.  8           Marks - 10

The fundamental challenge of knowledge transfer in multinational firms is:

 

Options          

1. transferring explicit knowledge across borders         
2. transferring tacit knowledge across borders  
3. creating tacit knowledge in overseas subsidiaries      
4. transferring tacit and explicit knowledge across borders

 

Question No.  9           Marks - 10

What potential advantages can be gained from involving overseas subsidiaries in R&D activities?

 

Options          

1. Local subsidiaries offer financial advantages such as lower land and labour costs  
2. Local subsidiaries offer access to local companies    
3. Local subsidiaries offer access to technical knowledge and skills    
4. Local subsidiaries offer financial advantages as well as access to local markets, technical knowledge and skills

 

Question No.  10         Marks - 10

Outsourcing of innovation globally is more likely where      

 

Options          

1. Innovations are autonomous  
2. Innovations are systemic        
3. Innovations are systemic or autonomous       
4. Innovations are made by service sector firms

 

Question No.  11         Marks - 10

Being a manager, with no environmental uncertainty or threat of competitors’ new products, would be simple without ______________.     

 

Options          

1. government regulations          
2. diversity         
3. cultural differences    
4. organizational change

 

Question No.  12         Marks - 10

Managing change is an integral part of ______________     

 

Options          

1. top management’s job
2. middle-level management’s job         
3. the first-line manager’s job    
4. every manager’s job

 

Question No.  13         Marks - 10

Which of the following is not an external force of change?  

 

Options          

1. marketplace    
2. government laws and regulations      
3. economic changes      
4. workforce

 

Question No.  14         Marks - 10

Which one of the following is an important source of idea generation due to their familiarity with the needs of market?          

 

Options          

1. Existing products and services          
2. Distribution channels 
3. Federal government   
4. Consumers

 

Question No.  15         Marks - 10

Which of the following statements about the entrepreneurial climate is (are) true?  

 

Options          

1. Trial and error are discouraged          
2. Resources of the firm need to be available and easily accessible      
3. A multi-disciplinary approach is discouraged
4. Failure are not allowed

 

Question No.  16         Marks - 10

A patent is granted for a specified amount of time because of the assumption:       

 

Options          

1. That during this time firm will cover its development costs  
2. That firm will earn a sufficient profit during this period       
3. To limit the monopoly of the firm     
4. That it will stimulate idea and development of a better product.      

 

Question No.  17         Marks - 10

Which one of the following is a barriers to news product creation and development          

 

Options          

1. Trial and error
2. Opportunity parameter           
3. Opportunity cost        
4. Intrapreneurship culture

 

Question No.  18         Marks - 10

 Which is the balance points of Entrepreneurship?    

 

Options          

1. Means of social changes        
2. Increase in employment opportunities           
3. Optimum utilisation of resources       
4. All of the above

 

Question No.  19         Marks - 10

Which of the following techniques is an excellent method for initially screening ideas and concepts in addition to generating new ideas?       

 

Options          

1. Focus group   
2. Brain storming
3. Problem inventory analysis    
4. Reverse brainstorming

 

Question No.  20         Marks - 10

Which one of the following is NOT an intrapreneurial leadership characteristic?    

 

Options          

1. Understands environment      
2. Encourage the team work      
3. Not flexible    
4. Persistent

 

Question No.  21         Marks - 10

Which is the part of concept of Entrepreneurship?   

 

Options          

1. High achievement capacity    
2. Organisation building
3. Group level reaction   
4. All of the above

 

Question No.  22         Marks - 10

Which is the cause of emergence of Entrepreneurship?        

 

Options          

1. Environmental factors
2. Socio-cultural factors 
3. Individual factors      
4. All of the above

 

Question No.  23         Marks - 10

_____________ is the practice of starting new organisations or revitalising nature organisations particularly new business generally in response to identified opportunities.    

 

Options          

1. Partnership     
2. Marketing       
3. Research Management           
4. Entrepreneurship

 

Question No.  24         Marks - 10

The decision to start a new business is taken when one perceives that forming a new business is   

 

Options          

1. Possible          
2. Desirable        
3. Accurate         
4. Both (a) and (b)

 

Question No.  25         Marks - 10

Entrepreneurial experience becomes increasingly important as         

 

Options          

1. Work load increases   
2. Complexity of venture increases        
3. Complexity of work increases
4. None of the above

 

Question No.  26         Marks - 10

Individuals who help the entrepreneur in business activities are called        

 

Options          

1. Role models   
2. Moral support networks         
3. Professional support networks           
4. Business support networks    

 

Question No.  27         Marks - 10

Which is types of creativity? 

 

Options          

1. Creativity by serendipity       
2. Exploratory creativity
3. Normative creativity  
4. All of the above

 

Question No.  28         Marks - 10

Which statement is true?        

 

Options          

1. Forecasting enables the Entrepreneur to develop plausible projections for the future
2. Assessing the environment is the most difficult and important of the four tasks of environmental analysis           
3. Stakeholder analysis helps the entrepreneur identify which groups and interests are friendly to the new venture and which are hostile
4. All of the above

 

Question No.  29         Marks - 10

Developing a new idea through inquiry and testing is called

 

Options          

1. Heuristics       
2. Forced relationship    
3. Scientific method       
4. Value analysis

 

Question No.  30         Marks - 10

Which of the following firm achieves modest growth          

 

Options          

1. High potential growth firm    
2. Foundation firm         
3. Life style        
4. Public company

 

Question No.  31         Marks - 10

The entrepreneur utilizes the resources through         

 

Options          

1. Identifying and evaluating the opportunity   
2. Developing a business plan    
3. Implementing the business plan         
4. Manage the enterprise

 

Question No.  32         Marks - 10

Which is the objects of Entrepreneurial Development Programmes?

 

Options          

1. Promotion of self-employment          
2. Promotion of cottage and small scale industries        
3. Promotion of first generation businessmen    
4. All of the above

 

Question No.  33         Marks - 10

Which is the advantage of product layout?   

 

Options          

1. Smooth production without any interruption
2. Mechanisation of material handling   
3. Low cost of material handling           
4. All of the above

 

Question No.  34         Marks - 10

Which of the following contains large number of new ideas?          

 

Options          

1. Files of Patent office 
2. Official Gazette         
3. Government patent Board     
4. All of the above

 

Question No.  35         Marks - 10

Analysis of the business environment includes         

 

Options          

1. Forecasting to project the future        
2. Monitoring to track development      
3. Scanning to detect change     
4. All of the above

 

Question No.  36         Marks - 10

A typical inventor is usually  

 

Options          

1. Highly creative & in love with the invention 
2. Does not encourage change   
3. Willing to modify the invention in order to augment commercial benefit    
4. None of the above

 

Question No.  37         Marks - 10

All of the following are essential to maintain secrecy EXCEPT       

 

Options          

1. Train employees to refer sensitive questions to one person   
2. Discuss business in public place         
3. Provide escorts for all office visitors 
4. Use simple security such as locked file cabinets

 

Question No.  38         Marks - 10

Which one of the following is a sound strategic option for an entrepreneur when synergy is present?        

 

Options          

1. Merger
2. Joint venture  
3. Minority interest        
4. Majority interest

 

Question No.  39         Marks - 10

The activity which occurs when the new venture is started is called

 

Options          

1. Motivation     
2. Business skills
3. Departure point          
4. Goal orientation

 

Question No.  40         Marks - 10

Which of the following is the most important for the entrepreneur, while starting a new venture, to make an assessment of?

 

Options          

1. Risk    
2. Profit  
3. Market
4. Competitors

 

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