Briefly discuss the steps in the innovation process.
What will be an ideal response?
Innovation describes the discovery and development of new knowledge in a four-step process captured in the 4 - I's: idea, invention, innovation, and imitation.
1. The innovation process begins with an idea. The idea is often presented in terms of abstract concepts or as findings derived from basic research.
2. In a next step, invention describes the transformation of an idea into a new product or process, or the modification and recombination of existing ones.
3. Innovation concerns the commercialization of an invention by entrepreneurs.
4. The innovation process ends with imitation. If an innovation is successful in the marketplace, competitors will attempt to imitate it.
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A) ?profitability. B) ?leverage. C) ?liquidity. D) ?efficiency
Brummer Corporation makes a product whose variable overhead standards are based on direct labor-hours. The quantity standard is 0.1 hours per unit. The variable overhead rate standard is $8.00 per hour. In January the company produced 8,700 units using 910 direct labor-hours. The actual variable overhead rate was $7.90 per hour.The variable overhead rate variance for January is:
A. $87 U B. $91 F C. $91 U D. $87 F
You should restate your thesis and central idea in which part of your presentation?
a. transitions b. conclusion c. body d. introduction
Newspapers are effective as an advertising medium because they ________.
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