please answer all questions including long question

Instructions Answer all the questions. Multiple choice questions (10 marks) Question 1: Innovation is defined as: (1 mark) A. the commercialization of a new product or process B. the invention of a new product or process. C. a new product or process idea. D. the implementation of a new production method. Question 2: Process innovation refers to: (1 mark) A. the development of a new service. B. the development of a new product. C. the implementation of a new or improved production method. D. the development of new products or services. Question 3: An exclusive right to sell any new and useful process, machine, or product for a set number of years is called a: (1 mark) A. Trade mark B. Copyright C. Patent D. Brand Question 4: The first discovery of a product or process through the use of imagination, ingenious thinking, and experimentation and the first proof that it will work is: (1 mark) A. Process innovation B. Product innovation C. Creative innovation D. Invention Question 5: One legal protection for taking the lead in innovation is (1 mark) A. venture capital B. Trademarks C.trade secrets D. mergers Question 6: One major advantage of being the first to develop a product is the (1 mark) A. use of the fast-second strategy B. increase in retained earnings C. lower interest-rate costs of funds D. potential for profitable buyouts Question 7: Consumers will buy a new product only if (1 mark) A. It has a lower marginal utility per dollar spent than another product B. there is a substantial budget for promotion and marketing C. it can be sold at a lower price than that for a competing product D. It increases the total utility they obtain from their limited income Question 8: The major difference between entrepreneurs and other innovators is (1 mark) A. innovators work in teams, but entrepreneurs do not B. innovators manage start-ups, but entrepreneurs do not C. entrepreneurs bear personal financial risk, but innovators do not D. entrepreneurs invent new products and processes, but innovators do not Question 9: Product innovation tends to increase the profits of firms primarily by (1 mark) A. decreasing the firm's average costsB. increasing the firm's total revenue C. increasing marginal utility per dollar spent D. increasing the success of R&D spending Question 10: Innovation is a major factor in competition because it can (1 mark) A. be patented to protect the investment of the developers B. enable firms to make competitors' products obsolete C. guarantee the monopoly position of innovative firms D. reduce research and development costs for firms Part B: Long question. (10 marks) 1. Discuss why is innovation so important to an organisation? Provide relevant examples. (10 marks)