BUSE129 Chapter 4 - 6

What is the cost of the initial filing fee for a utility patent?

$330

Parameter identification

-analyzing variables in the situation to determine their relative importance

How long does the entire process of registering a trademark usually take?

13 months from the initial filing

Which of the following is the initial filing fee for each design application for a small entity?

220

What should be included in the description of invention section of a patent application?

A brief explanation about the drawings that accompany the application, which comply with Patent and Trademark Office (PTO) requirements

Arrange the steps involved in the process of registering a trademark in the correct order of occurrence.

A simple form that can be downloaded and submitted by mail or electronically needs to be completed to file an application. The Patent and Trademark Office (PTO) provides a serial number to a trademark application and sends a filing receipt to the applicant. An examining attorney at the Patent and Trademark Office (PTO) determines as to whether the trademark is suitable for registration.

A contract is a legally enforceable agreement between two or more parties as long as certain conditions are met. Identify these conditions. (Check all that apply.)

An offer is made. it can be oral or written but is not binding until oluntary acceptance of offer is given voluntary acceptance of offer Consideration (something of value) is given by both parties Both parties are competent and/or have the right to negotiate for their firms Contract must be legal. Any illegal activities under a contract are not binding. An example might be gambling Any sales of 500 or more must be in writing Results of contract breach: violating part of a contact may be required to live up to the agreement or pay damages. If one party fails to live up to the contract, the second parrt may also agree to drop the matter and thus not live up to the agreement as well = contract restitution

The ___ approach to coming up with a new idea requires that an entrepreneur dream about a problem and its solution.

Big-dream

Which of the following statements is a similarity between a utility patent and a design patent?

Both provide the inventor with a negative right.

Arrange the following types of innovation in decreasing order of uniqueness

Breakthrough innovation Technological innovation Ordinary innovation

Sarah, an entrepreneur at a startup, seeks to patent a new product. How should she minimize patent risks?

By consulting a patent attorney who is an expert in the same product line

How does an entrepreneur select a good partner in an international market?

By gathering as much data as possible on potential partners

Which of the following types of insurance covers the costs of defense and judgments obtained against a company resulting from bodily injury or property damage?

Casualty

In the ___ method, a new idea is developed through a list of related issues or suggestions.

Checklist

What are the rules of brainstorming?

Combinations and improvements of ideas are encouraged. A high number of ideas should be generated. Freewheeling is encouraged.

Identify the key facets of parameter analysis

Creative synthesis Parameter identification

Which of the following are the general classifications of exporting?

Direct Indirect

Which of the following should be included in the section of a patent application named description of invention?

Engineering specifications, materials, components, and so on that are important to the real making of an invention

Identify an accurate statement about the effects of the methods of enacting public policy on business

Entrepreneurs should understand that decisions by court can also have the effect of law.

What is by far the most crucial criterion of a proposed new product idea?

Estimation of market demand

True or false: Aesthetics has implications with only gift giving.

False

True or false: International entrepreneurship does not consist of exporting and licensing a sales office in another country.

False

True or false: The ability to identify or recognize a potential business opportunity is not fundamental to growing a business

False

True or false: The political and the economic philosophy of a country has no impact on an entrepreneur's decision on market entry and how to conduct business transactions.

False

True or false: The protection in a copyright protects an idea itself.

False

True or false: When an entrepreneur seeks to use the checklist method, he or she should ensure that the method is only used to develop completely new ideas.

False

The multilateral agreement with the objective of liberalizing trade by eliminating or reducing tariffs, subsidies, and import quotas is the

General Agreement on Tariffs and Trade

What are the major stages of the product planning and development process?

Idea stage Concept stage Product development stage Test marketing stage Commercialization

What are the components of a patent application? (Check all that apply.)

Introduction Description of invention Claims

Discontinuous innovations

Involves the establishment of new consumption patterns and the creation of previously unknown products

Arrange the following steps of the forced relationships process in the correct order.

Isolate the key aspects of an issue Discover the relationships between the key aspects of an issue Document the relationships between the key aspects of an issue in a structured form evaluate the resulting relationships to locate ideas or patterns Develop new ideas from analyzed patterns

Which of the following are the benefits that a mobile app offers over a traditional website?

It allows the option of taking advantage of the camera and GPS tools native in smartphones to offer enhanced engagement. It can serve as a constant visual reminder as the icon is present on a customer's mobile screen.

Which of the following are true statements about a design patent? (Check all that apply.)

It applies to new, original, ornamental, and unobvious designs for articles of manufacture. It refers to an object's appearance.

Which of the following is true of a minority interest?

It can supply a company with a steady source of raw materials.

Identify a true statement about the Consumer Product Safety Act, which was passed in 1972 and amended in 1990.

It formed a five-member commission to authorize safety standards for more than 15,000 types of consumer products.

Identify the true statements about the influence of political philosophy on businesses. (Check all that apply.)

It has an impact on the number of foreign businesses that are allowed to function in a country. A country's philosophy affects the extent to which profits can be moved across nations.

Identify an accurate statement about aesthetics

It has implications for gift giving, product packaging, and office design.

Which of the following are true about the role of e-commerce in today's businesses?

It has increased the customer base for businesses. It has reduced transaction costs for businesses.

Identify a true statement about the introduction section of a patent application.

It includes the invention's background and advantages and the nature of troubles that it overcomes.

Which of the following is true of social structure?

It influences the purchasing patterns of individuals.

Which of the following is true of language?

It is often thought of as the mirror of a country or region's culture.

Which of the following is true of free association?

It is particularly useful in creating a completely new slant to an issue.

Identify the true statements about a trade secret. (Check all that apply.)

It is recognized under a governing body of common laws in each state. It is not covered by any federal law.

What is the provision of section 404 of the Sarbanes-Oxley Act?

It requires a firm to attest to the soundness of the firm's internal controls and financial statements.

Which of the following are true about a patent license agreement? (Check all that apply.)

It should involve an attorney.It must be carefully worded.

Ryan is the CEO of a startup. He plans to hire a lawyer to understand the regulations that may affect his firm. Who among the following should Ryan hire?

Johnson, who is someone Ryan can establish a good working relationship with

Continuous innovations

Least disrupting influence on established consumption patterns

Match the types of insurance (in the left column) with their descriptions (in the right column). Instructions

Life +Ensures protection of the continuity of a business, especially a partnership Workers' compensation = Provides benefits to employees in case of work-related injury Bonding = Transfers responsibility to employees for performance of a job

Which of the following factors should be considered by an entrepreneur when determining the best channel of distribution in a country?

Overall sales potential amount and type of competition Cost of the product geographical size and density of the country investment policies of the country exchange rates and any controls the level of political risk overall marketing plan

Identify the major factors that are most likely to define or have an impact on business as identified by Francis J. Aguilar

Political Economic Social Technical (PEST)

What happens in the idea stage of the product development process?

Practical and promising ideas are determined and impractical ones are discarded.

___ is a method for obtaining new ideas and solutions by focusing on problems.

Problem Inventory Analysis

What are the motivations that are most likely to lead to companies going global with their products and services? (Check all that apply.)

Profit Competitive pressures unique products or services excess production capacity declining home country sales unique market opportunity economies of scale technological advantage tax benefits

In the context of the various factors that affect businesses, psychographics refer to

Psychographics refer to interests, activities, opinions, and helps explain what consumers value and how they make their choices

Which of the following is true of the strategic effects of a company going global?

Psychological closeness to a country will allow the company to conduct its business more easily in the country.

Jonathan, an entrepreneur of a startup software company, seeks to patent new software developed. How can he minimize patent risks?

Seek a patent attorney who has expertise in the product line.

Identify the benefits of having a dedicated mobile app for a company.

Streamlined customer experience General visibility

Which of the following acts states that an entrepreneur should assess whether any product that is to be marketed in the new venture is subject to any regulations?

The Consumer Product Safety Act

Which of the following is a creative problem-solving technique that begins with group members not being aware of the exact nature of the problem to be solved?

The Gordon Method

Which of the following is a creative problem-solving technique that begins with group members not being aware of the exact nature of the problem to be solved?

The Gordon method

Fully outsourcing operations

The entrepreneur elects to have one or more firms handle all Front End and Back End Activities and simply provides the firm who manages their site with updated product descriptions and pricing information.

Fully insourcing operations

The entrepreneur is prepared to identify the full range activities on the Front End and Back End and the resources required to manage them.

Arrange the steps involved in the Gordon method that is used by an entrepreneur for creative problem solving in the correct order of occurrence.

The entrepreneur mentions a general concept related to a problem A group articulates a number of ideas Through guidance by moderators, a concept is developed, followed by the development of related concepts The real problem is revealed by the entrepreneur

Identify an accurate statement about companies that go global.

The expenses borne by companies that go global usually have an adverse impact on profits.

What is the third stage of the product development process?

The product development stage

The characteristics of a company's products and services that make it necessary for that company to develop an e-commerce site include:

The products should be able to be delivered economically and conveniently. Online operations have to be cost-effective, easy to use, and secure. The product has to be interesting for a large number of people and be able to be distributed outside its own geographical location.

Which of the following are true about plant patents? (Check all that apply.)

They represent a limited area of interest. They provide the inventor with a negative right.

Back End Activities

This includes IT infrastructure, analytic tools, payment processing, site search, order tracking, fulfillment, and inventory management.

Front End Activities

This includes everything that a customer actually sees and interacts with including User Experience (UX) and User Interface (UI) activities.

This act prohibits discrimination on the basis of sex in employment and grants the legal authority for interpretative guidelines to the EEOC

Title VII of the 1964 Civil Rights Act

What is the role of the Office of International Patent Cooperation established by the U.S. Patent and Trademark Office (USPTO)?

To advance toward a more harmonized patent system

Why was the Sarbanes-Oxley Act of 2002 amended in 2010?

To enhance the power of the board supervising the act to establish clearer disciplinary proceedings where violations have occurred

Why is a trademark published in the Trademark Official Gazette once it is accepted by the Patent and Trademark Office (PTO)?

To let any party 30 days to oppose or request an extension to oppose

Why did the U.S. Patent and Trademark Office (USPTO) establish the Office of International Patent Cooperation?

To reduce the ambiguity of International Patenting (IP) rights while decreasing costs

True or false: Intellectual property represents significant assets to an entrepreneur and should be understood before seeking the services of an attorney.

True

Identify the different types of nonequity arrangements. (Check all that apply.)

Turnkey projects Licensing management contracts

Identify the constituent countries of the North American Free Trade Agreement (NAFTA). (Check all that apply.)

USA Canada Mexico

Identify the true statements about plant patents. (Check all that apply.)

Very few of these types of patents are issued. These patents are issued under the same provisions as utility patents.

A difference between a utility patent and a design patent is that

a design patent's issuance fees are usually much lower than that of a utility patent

An accurate statement about the collective notebook method is that Blank______.

a list of best ideas is developed considering all the ideas that have been recorded

It is mandatory that a patent application must include

a thorough history and description of an invention and claims for its usefulness

The introduction section of a patent application should contain

an explanation about the differences between an invention and existing offerings

The idea-finding technique that involves an entrepreneur listing the attributes of an item or problem and then looking at each from a variety of viewpoints is referred to as

attribute listing

In the context of creative problem solving, a brainstorming session should Blank______.

begin with a problem statement that is neither too broad nor too narrow

Psychographics primarily help an entrepreneur Blank______.

build a target consumer profile

In the ___ method, a small notebook that easily fits in a pocket is distributed and new ideas are developed by an individual or a group, with the ideas being regularly recorded.

collective notebook

Identify the requirements for filing of a trademark registration. (Check all that apply.)

completion of written form drawing of the mark 5 specimens showing actual use of the mark the fee

Entrepreneurs are educators. Hence, before presenting a new product or commodity in a foreign market or country, entrepreneurs must

comprehend how both informal and formal learning influence the country

The second stage of the product development process is the Blank______ stage

concept

An entrepreneur who uses the big-dream approach is most likely to Blank______.

conceptualize ideas without any constraints

A legally binding agreement between two parties is known as a

contract

Right given to prevent others from printing, copying, or publishing any original works of authorship is known as a(n)

copyright

___ is a learned behavior that encompasses a wide variety of elements, including language, social structure, religion, economic and political philosophy, education, manners and customs, and aesthetics.

culture

A country's Blank______ is the difference between the value of a country's imports and exports over time, and it affects the valuation of its currency and its monetary policy.

current account

A true statement about the North American Free Trade Agreement (NAFTA) is that it is an agreement

decreases barriers of trade between its constituents

Rank the following steps of the five-step approach of market selection in their increasing order of occurrence

develop appropriate indicators collect data and convert into comparable indicators establish an appropriate weight for each indicator analyze the data select the appropriate market from the market rankings.

Products and services that are completely new and fulfill previously unfulfilled functions are most likely to be Blank______ innovations.

discontinuous

An accurate statement about social structure and institutions is that Blank______

economic class can have a tremendous impact on the way people from one social strata behave

An accurate statement about opportunity recognition is that Blank______

entrepreneurial alertness and entrepreneurial networks play a crucial role in opportunity recognition

It is advisable for an entrepreneur to first file a provisional patent application to

establish a date of the formation of an invention

The sale and shipping of products manufactured in one country to a customer located in another country is known as

exporting

True or false: Trade barriers typically decrease an entrepreneur's costs of exporting products or semifinished products to a country.

false

Lorenzo is the CEO of an electronics company that is based in California. Currently, his company only sells its products in North America. He seeks to establish a global base in Europe and Asia. While selecting the appropriate market to invest in initially, Lorenzo must Blank______.

first determine the overall market size and growth indicators of a potential market

The process of forcing relationships among some product combinations is referred to as

forced relationships

Licensing a trademark generally involves a

franchising agreement

Developing an entirely new idea through a chain of word associations is known as Blank______.

free association

Pricing decisions in a country with a value-added tax (VAT) will differ from those in a country with no value-added tax, exemplifying Blank______ taxation.

general

A feature of a utility patent is that it

has a 20-year term that begins on the date of filing with the Patent and Trademark Office (PTO).

The first stage in the product development process is the Blank______ stage.

idea

Any patents, trademarks, copyrights, or trade secrets held by an entrepreneur are known as

intellectual property

The monetary policy of a country refers to Blank______.

interest and exchange rates, which in turn impacts inflation

The process of an entrepreneur conducting business activities across national boundaries is known as

international entrepreneurship

A feature of a trademark is that it

is able to last indefinitely as long as it continues to perform its indicated function

An attribute of creativity is that ______.

it can be suppressed by perceptual and cultural elements

A true statement about psychological distance is that

it is beneficial for companies to first do business in psychologically close countries before moving to psychologically distant nations

An attribute of an opportunity assessment plan is that ______

it is shorter than a business plan

A characteristic of culture is that Blank______.

it is the identity of a person and society

An accurate statement about the PEST analysis is that ______

it is valuable when exploring new international business opportunities

A feature of the General Agreement on Tariffs and Trade (GATT) is that

its voluntary membership means it has limited authority to enforce unrestricted trade

A contractual agreement giving rights to others to use intellectual property in return for a royalty or fee is known as

licensing

Conflicts between traditional and online marketing channels (channel conflict) arise because of disagreements between Blank______ and Blank______, which eventually lead to a hostile, competing position of once-partnering companies.

manufacturers; retailers

A form of direct foreign investment in which an investing entrepreneur holds a minority ownership position in a foreign venture is known as a(n)

minority interest

In the claims section of a patent application, an applicant should include an explanation about the

necessary parts of an invention in broad terms to prevent others from getting around the patent

In the context of trade secrets, documents that are prepared by an employer and signed by an employee in order for the company to protect valuable assets ranging from product information to clients, marketing ideas, and unique strategies are known as

noncompete agreements

In the context of trade secrets, documents that are prepared by an employer and signed by an employee in order for the company to protect valuable assets ranging from product information to clients, marketing ideas, and unique strategies are known as Blank______.

noncompete agreements

A method by which an entrepreneur can enter a market and obtain sales and profits without direct equity investment in the foreign market is known as a(n)

nonequity arrangements

An accurate statement about language is that Blank______

nonverbal language of a culture is as important as verbal language

When creating the claims section of a patent application, an applicant should

not make the claims so general that they hide an invention's advantages and uniqueness

Creative synthesis

one or more solutions are developed by analyzing parameters and the relationships between parameters.

A contract between the government and an inventor is known as a(n)

patent

A country's ___ environment is inextricably tied to the economic environment.

political

A true statement about attribute listing is that Blank______

previously unrelated objects are brought together to form a new combination

The stage of the product development process in which consumer reaction to an actual service/product is determined is the Blank______ stage.

product development

The stages that each product goes through from introduction to decline are known as

product life cycle

A true statement about a patent is that it

prohibits anyone other than the owner from creating, using, or selling the defined invention

The initial application to the U.S. Patent and Trademark Office providing evidence of first to market is known as a(n)

provisional patent application

When an entrepreneur seeks to launch a new commodity or good in a new market, the entrepreneur should Blank______

recognize the amount of emphasis the culture places on certain skills or career paths

The type of brainstorming in which criticism is allowed and new ideas are obtained by focusing on the negative is known as

reverse brainstorming

Unwelcomed sexual advances, requests for sexual favors, and any other verbal or physical conduct of a sexual nature when submission to a sexual advance is a condition of retaining or getting employment; when sexual conduct interferes with an individual's work performance or creates a hostile environment; or when a manager makes a personnel decision based on a subordinates rejection or submission to sexual advances, it is

sexual harassment

Dynamically continuous innovations

some disrupting influence on established consumption patterns

In some countries, products may be singled out for higher or lower levels of taxation. This practice is an example of ______ taxation

specific

Some important factors to consider when conducting a proper economic environment analysis of a country include:

taxation and trade monetary policy distribution trends

The stage of the product development process that provides actual sales results that indicate a product's popularity among customers is the Blank______ stage

test marketing

n the product development process, the final stage before commercialization is the Blank______ stage.

test marketing

A difference between an opportunity assessment plan and a business plan is that Blank______.

the opportunity assessment plan is used to decide if a company should act on an idea

While establishing criteria for the stages of the product planning and development process, an entrepreneur should ensure that Blank______.

these criteria are all-inclusive and quantitative enough to screen a product in each stage

A true statement about distribution channels is that

they are critical and crucial to the success of a company in a foreign market

Factors that create issues for entrepreneurs by hindering international business are known as

trade barriers

___ requires protection against others revealing or disclosing information that could be damaging to business.

trade secret

A word, symbol, design, or some combination of such, or it could be a slogan or even a particular sound that identifies the source or sponsorship of certain goods or services is known as a(n)

trademark

True or false: A trade secret's holder has the right to sue any signee who breaches a trade secret nondisclosure agreement.

true

True or false: Entrepreneurs are recommended to gain entry to a foreign market by partnering up with an entrepreneur from that particular market.

true

True or false: Entrepreneurs should have an understanding of property rights, contract law, product safety, and product liability.

true

True or false: Licensing is an important marketing strategy for entrepreneurs who wish to start a new venture but need permission to copy or incorporate the patent, trademark, or copyright with their ideas.

true

True or false: The major types of innovation based on the uniqueness of an idea are breakthrough innovation, technological innovation, and ordinary innovation.

true

When selecting a lawyer, an entrepreneur should ensure that the lawyer

understands all possible circumstances and results related to any legal action

E-commerce offers entrepreneurs an opportunity to Blank______.

utilize the interactive nature of the Internet to help their business grow