Vocabulary for Describing Business Strategy and Innovation

Quiz Instructions:

In this quiz you will be asked questions about vocabulary related to business strategy and innovation. Be sure to read the questions carefully and select the correct answer to each one. Good luck!

Quiz:

1. What is the definition of “strategic planning”?
   A. The process of analyzing and evaluating a company’s current and future strategies
   B. The process of creating a plan of action for the future
   C. The process of evaluating a company’s current financial situation
   D. The process of analyzing and evaluating a company’s current and future operations
2. What is the definition of “innovation”?
   A. The process of creating and implementing new ideas
   B. The process of analyzing and evaluating a company’s current and future strategies
   C. The process of creating a plan of action for the future
   D. The process of evaluating a company’s current financial situation
3. Which of the following is an example of “disruptive innovation”?
   A. The introduction of a new product that is more efficient than existing products
   B. The introduction of a new product that is less efficient than existing products
   C. The introduction of a new product that is the same as existing products
   D. The introduction of a new product that is more expensive than existing products

Hope and Expectations:

We hope that you have learned more about the vocabulary related to business strategy and innovation. We also hope that you have gained an understanding of the concepts of strategic planning and innovation and how they can help businesses to be successful.

Good luck!