Open Innovation Is

question 230

Multiple Choice

Open innovation is

• A) a clear plan for new product distribution that will ensure access for all potential customers within the first year of release.
• B) a formal and comprehensive analysis of competitors' products to discover ideas for product improvements.
• C) an unlimited budget that can be spent for the marketing program for a new product.
• D) designing a product around specific customers' needs, wants, and preferences.
• E) the practices and processes that encourage the use of external and internal ideas and collaboration when conceiving, producing, and marketing new products.

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Definitions:

Deficit Principle

The principle that a satisfied need does not motivate behaviour.

Safety Needs

Basic human necessities for security and protection from physical and emotional harm, as identified in Maslow's hierarchy of needs.

Base Compensation

A salary or hourly wage paid to an individual.

Praise And Recognition

Acknowledgment and appreciation of an individual's contributions and achievements, often used as a motivational tool in management.