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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 ______.
Multiple choice question.
peer management
an adoption process
corporate social responsibility
creative destruction
creative destruction
Place the four steps of the innovation process in order from first to last.
1. idea
2. invention
3 innovation
4. imitation
Creating new products out of new or existing ideas is known as ______.
Multiple choice question.
invention
ideation
innovation
imitation
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) ______.
Multiple choice question.
trademark
patent
copyright
invention
patent
What is the commercialization of an invention called?
Multiple choice question.
First-mover
advantage
Imitation
The introduction stage
Innovation
innovation
True or false: Innovation can create value for one firm while destroying value for another.
True false question.
True
False
true
Which are the four steps of the innovation process?
Multiple select
question.
imitation
invention
instigation
imagination
innovation
idea
imitation
invention
innovation
idea
Taking on an economic risk in order to innovate is known as ______.
Multiple choice question.
strategic objectivization
disruptive innovation
intrapreneurship
entrepreneurship
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 ______.
Multiple choice question.
imitation
initiation
implementation
invention
invention
Which of the following metrics are used by social entrepreneurs to evaluate performance? (Check all that apply.)
Multiple select
question.
permanence
profits
people
power
planet
profits
people
planet
What is valuable proprietary information that is not in the public domain and where the firm makes every effort to maintain its secrecy called?
Multiple choice question.
An invention
A patent
A temporary monopoly position
A trade secret
a trade secret
The introductory stage of the industry life cycle is a ______-intensive process.
Multiple choice question.
leisure
capital
profit
sales
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 ______.
Multiple choice question.
demanding industry performance standards
increasing the number of users to encourage network effects
tinkering with the product design
changing the number and size of competitors in the industry
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 ______.
Multiple choice question.
competitive advantage
franchising
entrepreneurship
branding
entrepreneurship
Attempting to address social or ecological issues when building a for-profit business is known as ______.
Multiple choice question.
sustainable entrepreneurship
social
entrepreneurship
strategic entrepreneurship
intrapreneurship
social entrepreneurship
During the growth stage of the industry life cycle, ______ increases rapidly.
Multiple choice question.
imitation
the cost of production
demand
research and development
demand
During the introductory stage of the industry
life cycle, innovators will likely devote most of their time, money, and effort to ______.
Multiple choice question.
management
research and development
human resource recruitment
operations management
research and development
What is the commercialization of an invention called?
Multiple choice question.
Imitation
The introduction stage
Innovation
First-mover advantage
innovation
True or false: Once a standard is reached, process innovations occur more often than product innovations.
True false question.
True
False
true
The primary objective of firms during the introductory stage of the industry life cycle is to ______.
Multiple choice question.
establish themselves as a market
participant and position themselves for future growth
refine existing distribution channels and standards
produce large quantities for mass distribution
develop complementary products to increase market visibility
establish themselves as a market participant and position themselves for future growth
During the shakeout stage of the industry life cycle, profits degrade for ______.
Multiple choice
question.
all firms in the industry
all but the most efficient firms
a few of the weakest firms
the most efficient firms only
all but the most efficient firms
Taking on an economic risk in order to innovate is known as ______.
Multiple choice question.
strategic objectivization
disruptive innovation
entrepreneurship
intrapreneurship
entrepreneurship
In the maturity stage of the industry life cycle, industry growth ______.
Multiple choice question.
maintains the same pace as during the growth stage
increases slightly
flattens or even declines
increases dramatically
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.
Multiple choice question.
shakeout
maturity
innovation
growth
growth
Demand declines most rapidly in the ______ stage of the industry life cycle.
Multiple choice question.
decline
maturity
introduction
shakeout
decline
The introductory stage of the
industry life cycle is a ______-intensive process.
Multiple choice question.
sales
capital
profit
leisure
capital
The four strategic options that managers have in the decline stage are: exit, harvest, maintain, or ______.
Multiple choice question.
innovate
revive
consolidate
restart
consolidate
After
a standard is established in an industry, firms tend to focus more on ______ innovations.
Multiple choice question.
process
dominant
personnel
product
process
During the decline stage of the industry life cycle, which strategic option requires firms to declare bankruptcy or undergo liquidation?
Multiple choice question.
maintain
consolidate
harvest
exit
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.
Multiple choice question.
introduction
decline
shakeout
growth
shakeout
Which
of the following statements about the maturity stage of the industry life cycle is true?
Multiple choice question.
The market has many competitors, each competing for a piece of the pie.
Only a few large firms remain.
Product innovation becomes the most important competitive weapon.
Demand for the product increases.
only a few large firms remain
In the ______ stage of the industry life cycle,
falling demand leads to a reduction in market size.
Multiple choice question.
shakeout
consolidation
growth
decline
introduction
decline
Using a ______ strategy, a firm continues to market its products at the same level despite a decline in consumer demand.
Multiple choice question.
maintain
growth
consolidate
harvest
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?
Multiple choice question.
exit
harvest
maintain
consolidate
consolidate
Successfully transitioning from one stage of the industry life cycle to the next is referred to as ______.
Multiple choice
question.
stage-transitioning
stepping off the bridge
minding the gap
crossing the chasm
crossing the chasm
Firms that pursue a(n) ______ strategy minimize the amount of resources devoted to product support in order to maximize cash flow.
Multiple choice question.
exit
consolidate
harvest
maintain
harvest
During
the shakeout stage of the industry life cycle, profits degrade for ______.
Multiple choice question.
all but the most efficient firms
the most efficient firms only
a few of the weakest firms
all firms in the industry
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.
Multiple choice question.
introduction
growth
shakeout
decline
maturity
maturity
During the decline stage of the industry life cycle, some firms choose to consolidate, meaning that they ______.
Multiple choice question.
put strong downward pressure on prices to stimulate demand
purchase rival firms in order to achieve near-monopolistic control of the industry
introduce
complementary products to encourage network effects
focus on process innovation more than product innovation
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?
Multiple choice question.
the shakeout stage of the industry life cycle
the exit strategic option of the industry life cycle
process innovation
the crossing-the-chasm framework
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?
Multiple choice question.
consolidate
exit
maintain
harvest
exit
Using a ______ strategy, a firm continues to market its products at the same level despite a decline in consumer demand.
Multiple choice question.
harvest
growth
maintain
consolidate
maintain
It
is challenging for firms to "cross the chasm" because ______.
Multiple choice question.
each stage of the industry life cycle features a different group of customers with different preferences and demands
firms have difficulty moving from process to product innovation
transitioning between stages requires significant amounts of capital
firms are not able to deal with the technological challenges required
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.
Multiple choice question.
consolidate
maintain
harvest
exit
harvest
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