BUS 478X Final Exam (Chapters 7-12) Questions & Answers(scored a+)
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Course
BUS 478X
Institution
BUS 478X
Invention - ANSWERthe transformation of an idea into a new product or process, or the modification and recombination of existing ones
Patent - ANSWERa form of intellectual property that gives the inventor exclusive rights to benefit from commercializing a technology for a specified time period i...
BUS 478X Final Exam (Chapters 7-12)
Questions & Answers(scored a+)
Invention - ANSWERthe transformation of an idea into a new product or process, or the modification
and recombination of existing ones
Patent - ANSWERa form of intellectual property that gives the inventor exclusive rights to benefit
from commercializing a technology for a specified time period in exchange for public disclosure of
the underlying idea
Trade Secret - ANSWERvaluable proprietary information that is not in the public domain and where
the firm makes every effort to maintain its secrecy
Innovation - ANSWERthe commercialization of any new product or process, or the modification and
recombination of existing ones
First-mover Advantages - ANSWERcompetitive benefits that accrue to the successful innovator
Entrepreneurship - ANSWERthe process by which people undertake economic risk to innovate- to
create new products, processes, and sometimes new organizations
Entrepreneurs - ANSWERthe agents that introduce change into the competitive system
Strategic Entrepreneurship - ANSWERthe pursuit of innovation using tools and concepts from
strategic management
Social Entrepreneurship - ANSWERthe pursuit of social goals while creating a profitable business
Industry Life Cycle - ANSWERthe five different stages- introduction, growth, shakeout, maturity, and
decline- that occur in the evolution of an industry over time
Network Effects - ANSWERthe positive effect (externality) that one user of a product or service has
on the value of that product for other users
, Standard - ANSWERan agreed-upon solution about a common set of engineering features and design
choices
Product Innovation - ANSWERnew or recombined knowledge embodied in new products
Process Innovation - ANSWERnew ways to produce existing products or deliver existing services
Crossing-the-Chasm Framework - ANSWERconceptual model that shows how each stage of the
industry life cycle is dominated by a different customer group
Markets-and-Technology Framework - ANSWERa conceptual model to categorize innovations along
the market (existing/new) and technology (existing/new) dimensions
Incremental Innovation - ANSWERan innovation that squarely builds on an established knowledge
based and steadily improves an existing product or service
Radical Innovation - ANSWERan innovation that draws on novel methods or materials, is derived
either from an entirely different knowledge base or from an entirely different knowledge base or
from a recombination of the existing knowledge bases with a new stream of knowledge
Winner-Take-All Markets - ANSWERmarkets where the market leader captures almost all of the
market share and is able to extract a significant amount of the value created
Innovation Ecosystem - ANSWERa firm's embeddedness in a complex network of suppliers, buyers,
and complementors, which requires interdependent strategic decision making
Architectural Innovation - ANSWERa new product in which known components, based on existing
technologies, are reconfigured in a novel way to attack new markets
Disruptive Innovation - ANSWERan innovation that leverages new technologies to attack existing
markets from the bottom up
Reverse Innovation - ANSWERan innovation that was developed for emerging economies before
being introduced in developed economies. Sometimes also called frugal innovation
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