Now it's time to test your knowledge. Question one, which of the following developments are affecting how businesses operate? A 3d printing? Be everything connected the Internet of Things. See robotics, stroke, Ai, the the increase in individualism and niche markets, ie new health problems and new treatments, and F, public pressure to change practices. Okay, ancef question one, then they're all true, and they're all going to affect your organization.

3D printing is going to affect you. Everything connected the Internet of Things is going to affect the way you do business. robotics and AI are going to impact on your processes. The increase in individualism and niche markets is going to fragment your marketing efforts, you health problems and new treatments may affect your staff and also your marketing and public pressure to change practices will vary. likely impact on your business question to select the informal definition of innovation? Is it a doing more things and doing things faster?

Is it B doing less things better? Is it c doing things better and doing better things? Is it D doing more new things and less old things? Or is he doing things more profitably and doing more profitable things? Give you a second to think about it. And the answer to question two is see doing things better, and doing better things.

Moving on to question three then, identify three ways you can create new customers and markets. Option A particular terms for key customers or specific markets. Option B, reduce all prices by 15%. Option C, have a different design stroke technical specifications to different markets, option D offers products and services which are in the mature phase in their markets. Option E. work to convert dog products or services to question mark products or services, and option f create bundles of products and services to meet particular markets. So which three ways can help you create new customers and markets?

Okay, the answer to question three is a particular terms for key customers or specific markets See, offer different design stroke technical specifications to different markets, and F create bundles of products and services to meet particular markets. Question four, what are the three key stages in business process innovation? Is it a identify the cost per employee of the process? b identify the purpose of the process for its customers. See identify the purpose of the process for the shareholders. D map Measure the process to identify the problem points and constraints, ie conduct a time and motion study and reduce procedure times by 10% f select suitably qualified consultants, g work with the process team to remove the barriers and improve the process.

Which of the three stages in business process improvement? Moving on to the answer then the answer is B. Identify the purpose of the process for its customers. D map and measure the process to identify the problem points and constraints and G work with the process team to remove the barriers and improve the process. Question five, what five factors are needed to help employees innovate? Is it a motivation, the desire to do better and get involved?

Be rewards financial incentives to get involved? See feedback, two way discussion of performance and how They can do better. D fear, the real risk of losing their job if they don't innovate, ie role clarity, understanding what is required. f brains being clever enough to contribute advances in understanding GE competence, the skills necessary to do their work and improve it. And ah opportunity, feeling empowered to ask questions and the chance to get involved in innovation and improvement. Well, hopefully this one's not too difficult.

And the answer to question five is a motivation, the desire to do better and get involved, see feedback to a discussion of performance and how they can do better. ie role clarity, understanding what is required, f competence, the skills necessary to do their work and improve it and H opportunities opportunity, feeling empowered to ask questions and the chance to get involved. In innovation and improvement, right question six then business model innovation involves testing alternatives to the way the organization is structured or operates. Select three elements of a business model. Your choices are a rewards and incentives, B margins and profits. See financial structure, D advertising and promotion, e value propositions and channels, f processes and partnerships.

The three elements of a business model moving on to the answer, see financial structure, II value propositions and channels, f processes and partnerships. Question seven, the innovation grid plots and ideas ease of implementation against its potential benefit. Which ideas should we immediately implement a only ideas that are easy to implement and have a large potential benefit. Be all ideas that are easy to implement, regardless of the potential benefit. See ideas that are hard to implement and have a large potential benefit and the ideas that are hard to implement and have a small potential benefit. Well, hopefully the answer is fairly obvious there.

And the answer is B. All ideas that are easy to implement, regardless of their potential benefit. Question eight, markets and business practices are changing rapidly. Innovation is essential for survival. What questions can you ask to start to identify areas within your organization to innovate? option A?

Where are our products and services on the product lifecycle? What new product or service propositions might appeal to existing and new customers? option B, what do I staff and our customers dislike about our business processes. How could they be improved? option C? How could we encourage greater workplace innovation?

Option d? How might our business model need to change to meet the demands of the future? and optionally, what global trends will impact most on our business? Well, the answer to question eight is that all are correct. For option A, of course, you need to know where your products and services are on the product lifecycle. And you need to be thinking about the product or service propositions that might appeal to new or existing customers.

For option B, you should be asking both your customers and your staff, what they dislike about your business processes, and how they might be improved. For option C, talk to the workforce, see how you might increase greater workplace innovation and look around at other companies and see what they're doing. as well. For option D, again, look at other companies in your industry and another industry to look at business models and how you might adapt yours to meet the needs of the future. And finally, for a look at the global trends report from it sauce, and again, do your own research into what's happening in the market and in potential future markets for you to see how you might be impacted by that global trends. Question nine.

Which of the following are genuine recent innovations? a scooter suitcase be the USB rechargeable battery. See the bulletproof business suit? D The foldable screen II refrigerators the audio shopping across the internet f self flying drone that will follow you about gee Alexa for your car. Ah, I can potassium ion batteries and I the automatically to think about it which are genuine recent innovations. Okay the answer well a the scooter suitcase is a true thing of true product.

I'm not sure how well it would balance if you had your suitcase full on the front. USB rechargeable batteries are true and a brilliant idea I think the bulletproof business suit well that's false. You've been watching too much john wick. The foldable screen is true. The early prototypes seem to be plagued with problems, refrigerators, or do your shopping across the internet appears to be false, but it's probably in development. They certainly haven't appeared here in the UK yet.

The self flying drone that will follow about is true and my brothers are quite interested in having one for filming their mountain biking going down steep slopes. resource to a life saving drone that carries the kind of life best out to people in distress on the water. High Capacity potassium ion batteries is false. Potassium doesn't seem to have an application in batteries, the other types of iron are being tested. And finally the automaticall suit is bizarrely true. An eight foot Kevlar tether fired from a cylinder has been developed and is apparently being tested by police forces.

Again, not in the UK, but I think properly in the US. And that is everything we have to cover today. I would like to thank you very much for listening in. I hope this has been beneficial. I am Ross Maynard and I hope you will listen to more of my courses in the future. Thank you very much for your time.

Goodbye.