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MIDTERM EXAM

Qno.1) What is innovation? What are different types of innovation? Explain

with real life examples from your own daily routine life.
Answer:
Innovation is the process through which we create or make a new
product. It is basically used by the organizations to adapt, differentiate and survive
in environment in order to grow and sustain in the market. Innovation is the
process of creating or adding value to the product. For example, if we go for the
production of an economical car with some new features then the process of
creating and implementing these ideas into the product in known as innovation.
There are four main types of innovation:
 Product/Service Innovation
 Process Innovation
 Market Innovation
 Organization Innovation

1) Product/Service Innovation:
Product Innovation include new knowledge
that can be applied on new or existing product that can be beneficial for us in
terms of innovation.

For example:
We can look up to the iPhone SE, launched last year this
model includes A13 processer which comes it its flagship models like
iPhone 11 pro max. In order to gain more customers who can’t afford its
flagship model.

2) Process Innovation:
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The process through which we can low the unit cost of
a product lower without compromising more on its quality is called as
process innovation. So in process innovation we make new and improved
product with lowering its unit cost and providing good quality finish good.

For example: We can take the example of semi electric car just like Toyota
Prius. After coming into the market it certainly reduced the cost of traveling
and after its success in the market Toyota started to produce this car in bulk
so this reduced their production cost as well. Moreover, I also own a Prius
and its maintaince and driving cost is usually low then other cars in family.

3) Market Innovation:
It includes the implementation of new methods that
involves the significant changes in the product or packaging, placement of
that product.
For example: In our Pakistani car market, we can see that we usually that we
get minor facelifts after some time interval and by increasing its cost. We
can see that there is new model of Grande coming by the name of Grande X.
In which they give sports kit with all black interior. This is the best example
of market innovation.

4) Organizational Innovation:
It is the process of implementing of new
organizational techniques in a firm to increase its business practices. It is
certainly done to increase the performance of reducing its management cost.

For example: Last year I was working as freelancer on amazon. As a virtual

assistant of some clients. Some of them was using amazons warehouse
facility but I advised them to go for amazon drop shipping through which
they can reduce their warehouse cost as in drop shipping you directly ship
your product from your supplier to customer.

Qno.2) Discuss the article “How to Unlock your Team’s Creativity?” Do

analysis with reference to class discussions.

In this article we has discussed four main goals

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 Promote Flexibility
 Introduce a collaboration app
 Adopt Design Thinking
 Recognize creative success
1. Promote Flexibility

We are on the whole mindful of the way that furnishing workers with extra an ideal
opportunity to consider systems and thoughts is a brilliant method to help their
innovativeness. In the event that a pioneer tends to micromanage he/she acquires
the danger of smothering efficiency and worker commitment by restricting the
potential for innovative reasoning. A portion of the perfect representations of
associations that advance adaptability are 3M and Google who give their workers
planned extra time, which takes up around 20% of paid time in the workplace.

2. Introduce a Collaboration App

As indicated by a Cisco research, joint effort applications are currently, "business-

basic devices to decrease and dodge costs, quicken time to showcase, and change
whole ventures." These apparatuses assume a significant part in the achievement of
undertaking based groups as they consolidate both on location and telecommuters
alongside empowering constant correspondence. As associations grasp
computerized change and adjust to new strategies for work, group joint effort
applications can upgrade open correspondence which prepares for advancement,
plan thinking, and troublesome development

3. Adopt Design Thinking

What joins the world's most inventive organizations is their selection of

configuration thinking, which is a strategy for client centered item configuration
that is driven by groups of different individuals. On the off chance that an
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individual realizes that their thoughts and input is esteemed, he/she might be
additionally ready to impart musings to more innovative outcomes.

4. Recognize Creative Success

Associations need to comprehend that remunerating worker and perceiving

extraordinary thoughts shared by colleagues can make a motivator for future
developments. The Society for Human Resources Management (SHRM) reports
that worker acknowledgment programs don't simply uphold imaginative reasoning
and good thoughts yet additionally really affect your organization's main concern.
As per SHRM, 90% of HR pioneers who practice esteem based worker
acknowledgment report unrivaled representative commitment, while 66 percent
trust it improved business marking. Other announced advantages incorporate
wellbeing, cost reserve funds, and significantly more beneficial representatives.
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Formative Question

Qno.1) The meeting room of Airlift is full of harsh words as they are
facing slow sales after their Airlift grocer launch. They have decided to
give it a final try and called a final meeting to decide about its fate. They
have heard about Scamper being a very authentic and tried technique
to brainstorm business ideas. Using Scamper technique brainstorm
business ideas around Airlift Grocer and tell your manager how they
can come back to business? Keep Covid19 situation in mind.

Technique Questions to Ask Explanation

Substitute What else can I use
instead?
Who else can be
involved instead?
What other ingredients,
materials, or power
sources can I use?
Where else could I do
this?
Combine How could I put two or
more things together?
How could I get two or
more results from this?
How can I appeal to
more people about this?
Adapt What changes would
improve this?
How could this better
According to my opinion we
should make a website through
which the interested individuals
can easily signup into our chain.
So it we be easy for us to save our
time and hire more employees.
We can have a joint venture app
with careem or uber eats. In
which individual can order their
meal while ordering their ride. So
the rider first pickup their food at
first and the individual can have
meal on the go. In order to save
time.
We have to adapt to the current
situation of covid. That providing
the customers with free masks
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fit in the situation? and sanitizers facility. So they
What from the past can take these precautionary
could I copy? measures. And enjoy the ride and
food.
Modify/Ma How can I make this We can improve the website
gnify/ bigger and more infrastructure by adding more
Minimize powerful? attracting visuals and displaying
How can I increase the proper description of all
performance or appeal? facilities so this will minimize
How can I slow this the use of self-hired employees.
down or speed it up?
Put to What else could I do It can be used to deliver home
Other Uses with this? pickups like uber delivery and
Who else would be leopard couriers to pick up short
interested in this? delivery from one location to
Where else could I other
apply this?
Eliminate How can I make this We can chose the hired available
smaller and more staff for delivery with their
precise? personal bikes. It will also
How can I decrease eliminate the cost of hiring new
cost? employees and providing us with
How can I streamline some extra earning. We can also
this? eliminate Suzuki pickups and use
loader rickshaws to reduce oue
cost.
Rearrange/ What other layout or According to the infrastructure of
Reverse order could I use? our website we can easily switch
How can I look at this from delivery service to rent a car
from a completely service. This can be the best
different perspective? possible substitute.
How can I solve a
different part of the
problem?
How can I reverse
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cause and effect?

Qno.2 It is believed in real world that when competencies meet the market
needs, a remarkable enterprise is created. Keeping in view this understanding,
analyze Hafeez center with comprehensive problem oriented brainstorming.
Answer:
Problem orientation is the process in which we first focus on the markets
need, identify the problem faced by the peoples in daily life and then come up with
a solution that can be also a good business opportunity.

Looking up to my opinion, after the whole scenario of hafeez center. The

shopkeepers are willing just want to sell their product without waiting for
reconstruction of plaza. For this problem, we switch the bike parking space of
Hafeez center and the car parking space of Latif Center (opposite to Hafeez center)
with small Stalls where the shopkeepers can easily place their hot selling products
as they has just limited space and can they can also provide the repairing facilities
there as well. This can be easily setup in such short period of time until the plaza is
reconstructed. And we can charge them on weekly basis through this business plan
we can facilitate more shopkeepers.