Innovation involves which of the following:
A) Search, Selection, Implementation, Capture value
B) Search, Strategy, Selection, Implementation
C) Strategy, Selection, Implementation, Capture Value
D) None of the above

Question

Quizplus · Accepted Answer

Innovation involves a series of steps that can be encapsulated by the following options:
A) Search, Selection, Implementation, Capture value
B) Search, Strategy, Selection, Implementation
C) Strategy, Selection, Implementation, Capture Value
Each of these options includes critical components of the innovation process, but they differ slightly in their terminology and emphasis. To determine which one is the most accurate, we need to consider what each stage typically entails in the context of innovation:
- Search: This involves looking for new ideas, technologies, or methods. It's the exploratory phase where opportunities or problems are identified.
- Strategy: This refers to the planning and decision-making process that aligns innovation with the broader goals of the organization.
- Selection: This is the stage where ideas are evaluated and the best ones are chosen to be developed further.
- Implementation: This is the execution phase where selected ideas are turned into tangible products, services, or processes.
- Capture Value: This is the final stage where the economic benefits of the innovation are realized by the organization.
Considering these definitions, the most comprehensive and logical sequence that includes all critical stages of the innovation process would be:
A) Search, Selection, Implementation, Capture value
This sequence covers the full spectrum from the initial search for innovative ideas to the realization of value from those innovations. Therefore, the correct answer is:
A) Search, Selection, Implementation, Capture value

Innovation Involves Which of the Following