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Terms in this set (45)The negative effect of innovative ride-sharing services, such as Uber and Lyft, on traditional taxi cab companies is an example of ______. creative destruction Place the four steps of the innovation process in order from first to last. 1. idea Creating new products out of new or existing ideas is known as ______. invention A form of intellectual property that grants an inventor a temporary monopoly on a new product or process in exchange for disclosing the details of how the product or process is made is called a(n) ______. patent What is the commercialization of an invention called? innovation True or false: Innovation can create value for one firm while destroying value for another. true Which are the four steps of the innovation process? imitation Taking on an economic risk in order to innovate is known as ______. entrepreneurship
The second step of the four-step innovation process involves the transformation of an idea into a new product or process and is known as ______. invention Which of the following metrics are used by social entrepreneurs to evaluate performance? (Check all that apply.) profits What is valuable proprietary information that is not in the public domain and where the firm makes every effort to maintain its secrecy called? a trade secret The introductory stage of the industry life cycle is a ______-intensive process. capital _______________________________mover advantage refers to the competitive benefits that accrue to the successful innovator. first In the
introductory stage of the industry life cycle, an innovator can achieve market acceptance by ______. increasing the number of users to encourage network effects The process in
which change agents create new products or processes at significant economic risk is known as ______. entrepreneurship Attempting to address social or ecological issues when building a for-profit business is known as ______. social entrepreneurship During the growth stage of the industry life cycle, ______ increases rapidly. demand During the introductory stage of the industry
life cycle, innovators will likely devote most of their time, money, and effort to ______. research and development What is the commercialization of an invention called? innovation True or false: Once a standard is reached, process innovations occur more often than product innovations. true The primary objective of firms during the introductory stage of the industry life cycle is to ______. establish themselves as a market participant and position themselves for future growth During the shakeout stage of the industry life cycle, profits degrade for ______. all but the most efficient firms Taking on an economic risk in order to innovate is known as ______. entrepreneurship In the maturity stage of the industry life cycle, industry growth ______. flattens or even declines The stage during which a new product has gained some acceptance, thus causing first-time buyers to eagerly acquire the
product and accelerate demand, is the ______ stage. growth Demand declines most rapidly in the ______ stage of the industry life cycle. decline The introductory stage of the
industry life cycle is a ______-intensive process. capital The four strategic options that managers have in the decline stage are: exit, harvest, maintain, or ______. consolidate After
a standard is established in an industry, firms tend to focus more on ______ innovations. process During the decline stage of the industry life cycle, which strategic option requires firms to declare bankruptcy or undergo liquidation? exit Benny's Baos had an edge in the market, but other companies began to enter the market. Benny is now losing customers even though he has launched an aggressive marketing campaign in an attempt to attract customers. Benny's Baos is likely in the ______ stage of the industry life cycle. shakeout Which
of the following statements about the maturity stage of the industry life cycle is true? only a few large firms remain In the ______ stage of the industry life cycle,
falling demand leads to a reduction in market size. decline Using a ______ strategy, a firm continues to market its products at the same level despite a decline in consumer demand. maintain Benny's Baos is in a declining industry, but Benny thinks he can still survive by buying his competitors. Which strategic option is he planning to use? consolidate Successfully transitioning from one stage of the industry life cycle to the next is referred to as ______. crossing the chasm Firms that pursue a(n) ______ strategy minimize the amount of resources devoted to product support in order to maximize cash flow. harvest During
the shakeout stage of the industry life cycle, profits degrade for ______. all but the most efficient firms In the ______ stage of the industry life cycle, a few number of large firms compete for a share of a market that has reached its maximum
size. maturity During the decline stage of the industry life cycle, some firms choose to consolidate, meaning that they ______. purchase rival firms in order to achieve near-monopolistic control of the industry Simone was the first among her peers to try the new unicorn hair dye. For months she was the only person with unicorn hair. After some time, though, the product became available everywhere, and nearly every other person
began sporting unicorn hair, even Simone's mom. This situation describes which of the following? the crossing-the-chasm framework During the decline stage of the industry life cycle, which strategic option requires firms to
declare bankruptcy or undergo liquidation? exit Using a ______ strategy, a firm continues to market its products at the same level despite a decline in consumer demand. maintain It
is challenging for firms to "cross the chasm" because ______. each stage of the industry life cycle features a different group of customers with different preferences and demands Firms that pursue a(n) ______ strategy minimize the amount of resources devoted to product support in order to maximize cash flow. harvest
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At which stage of the industry life cycle does the size of the market expand rapidly?Sales are low and creep along slowly. Stage 2. Market Growth: Demand begins to accelerate and the size of the total market expands rapidly. It might also be called the “Takeoff Stage.”
Which of the following is a feature of the shakeout phase of the industry life cycle?Which of the following is a feature of the shakeout phase of the industry life cycle? Competitive intensity within the industry increases.
Which of the following are stages of the industry life cycle check all that apply?An industry life cycle typically consists of five stages — startup, growth, shakeout, maturity, and decline.
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During the shakeout stage of the industry life cycle, profits degrade for ______.
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