Business Mock

Innovation

Introducing new or improved products, services, processes, or ways of doing things to create value.

The two costs of innovation are

Research and development costs, and the cost of implementing or commercialising the innovation.

Why must you protect innovation?

To prevent competitors from copying it and to protect the business's competitive advantage and potential profits.

What are two forms of Air New Zealand innovation?

Product/service innovation and process innovation.

What is one benefit of incorporating an innovative culture?

It encourages employees to generate new ideas and helps the business adapt to changing customer needs and competition.

What is one cost of not incorporating an innovative culture?

The business may become outdated, lose customers and market share, and fall behind competitors.

What is quality control?

The process of checking products or services to identify defects or problems, usually after or during production.

What is quality assurance?

A planned system of procedures and processes designed to prevent defects and ensure consistent quality.

What is quality management?

The overall process of managing and improving the quality of products, services, and business processes.

What are quality circles?

Small groups of employees who regularly meet to identify, discuss, and solve workplace quality problems.

What is Kaizen?

A Japanese approach meaning "continuous improvement", where employees make small, ongoing improvements to products, services, and processes.

What is TQM?

Total Quality Management: a business-wide approach where everyone is responsible for continuously improving quality and meeting customer needs.

What does poor quality lead to?

Customer complaints, returns, wasted resources, increased costs, damaged reputation, and loss of customers and sales.

What is intellectual property?

Creations of the mind, such as inventions, designs, brands, and creative works, that can be legally protected from unauthorised use.

Why do people resist change?

People may fear uncertainty, loss of job security, increased workload, lack of understanding, loss of control, or disruption to familiar routines.

What is consultative change?

A change process where management seeks input and feedback from employees before making or implementing a decision.

What is top-down change?

A change process where senior management makes the decision and directs employees to implement it, with little or no employee involvement in the decision.

What is the difference between incremental change and radical change?

Incremental change involves small, gradual improvements over time, while radical change involves major, rapid changes that significantly alter how a business operates.