MGT 3830 Final (Ch. 7/8/9/10/11)

Which statement describes the long tail?

A large amount of revenue derived from a small number of units among almost unlimited choices

Which of the following is an example of invention?

Apple combining smart phone and wristwatch technologies to create the Apple Watch

What question is asked along the horizontal axis of the markets-and-technology framework? Multiple choice question.

Does the innovation build on existing technologies or create new ones?

Four steps of innovation process in order

Idea, invention, innovation, imitation

When a company introduces a new product or process or business model with the intent of gaining a competitive advantage, that company is engaging in Blank______.

Innovation

What is the relationship between innovation and competitive advantage?

Innovation is a powerful weapon for gaining and maintaining competitive advantage.

What is the relationship between innovation and competitive advantage? Multiple choice question.

Innovation is a powerful weapon for gaining and maintaining competitive advantage.

What statements about innovation are true? Multiple select question.

It can provide firms with a competitive advantage. It can make existing products or businesses obsolete.

Which statement best describes the speed of innovation over the past hundred years? Multiple choice question.

It has accelerated dramatically

Which of the following are characteristics of the early majority?

They weigh benefits and costs carefully. They have a strong sense of practicality.

True or false: Innovation can create value for one firm while destroying value for another.

True

An agreed-upon solution about a common set of engineering features and design choices is known as a Blank______. Multiple choice question.

a standard

During the shakeout stage of the industry life cycle, profits degrade for Blank______.

all but the most efficient firms

The four-step innovation process begins with

an idea

The introductory stage of the industry life cycle is often a Blank______-intensive process. Multiple choice question.

capital

During the decline stage of the industry life cycle, product innovation efforts Blank______.

come to a halt

The negative effect of innovative ride-sharing services, such as Uber and Lyft, on traditional taxi cab companies is an example of Blank______. Multiple choice question.

creative destruction

Successfully transitioning from one stage of the industry life cycle to the next is referred to as Blank______. Multiple choice question.

crossing the chasm

Demand falls most rapidly in the Blank______ stage of the industry life cycle.

decline

stages of the industry life cycle

decline shakeout maturity growth introduction

During the growth stage of the industry life cycle, Blank______ increases rapidly.

demand

It is challenging for firms to "cross the chasm" because Blank______.

each stage of the industry life cycle features a different group of customers with different preferences and demands

Customers who desire a product because it stokes their imagination and creativity are known as Blank______. Multiple choice question.

early adopters

According to the crossing-the-chasm framework, the largest difference in consumer expectations is between Blank______.

early adopters and the early majority

A significant difference between technology enthusiasts and early adopters is that Blank______.

early adopters are interested in how a new technology will improve their lives, rather than in the details of the technology itself

The customers coming into the market in the shakeout stage are called Blank______. Multiple choice question.

early majority

Taking on an economic risk in order to innovate is known as Blank______. Multiple choice question.

entrepreneurship

The process in which change agents create new products or processes at significant economic risk is known as Blank______.

entrepreneurship

In the maturity stage of the industry life cycle, industry growth Blank______. Multiple choice question.

flattens or even declines

During which stage does a standard develop?

growth

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 Blank______ stage.

growth

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 Blank______ stage. Multiple choice question.

growth

At which stage of the industry life cycle does the size of the market expand rapidly? Multiple choice question.

growth stage

Which type of innovation applies to existing markets and existing technologies? Multiple choice question.

incremental

The Blank______ identifies how industries tend to develop and change over time. Multiple choice question.

industry life cycle

Which are the four steps of the innovation process? Multiple select question.

innovation imitation idea invention

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 Blank______. Multiple choice question.

invention

Tomas recently acquired a cell phone but only because his company insisted that he do so. Tomas likely belongs to which of the following consumer segments? Multiple choice question.

laggards

Which customer segment will only adopt a new product when it becomes absolutely necessary?

laggards

Which two customer segments make up the largest percentage of the market potential? Multiple select question.

late majority and early majority

In the Blank______ 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.

maturity

Increases in the value of a product or service that result from a corresponding increase in the number of users are known as Blank______. Multiple choice question.

network effects

Most firms consider laggards to be Blank______.

not worth the effort of pursuing

New methods for producing existing products or delivering existing services are known as Blank______. Multiple choice question.

process innovations

A firm that successfully leverages network effects can Blank______.

push its industry into the growth stage

Innovations that target NEW markets and represent a major break from existing technologies or ways of thinking, such as the digital camera, the touch-screen smart phone, or the decoding of the human genome, are examples of Blank______ innovations.

radical

It is common for firms to get their start by introducing a(n) Blank______ innovation.

radical

which of the following are types of innovation

radical disruptive architectural incremental

During the introductory stage of the industry life cycle, innovators will likely devote most of their time, money, and effort to Blank______. Multiple choice question.

research and development

In which stage of the industry life cycle does competition become more intense, forcing weaker firms out of the industry?

shakeout

Which of the following are stages of the industry life cycle?

shakeout introduction growth decline maturity

An agreed-upon solution about a common set of engineering features and design choices is known as a Blank______. Multiple choice question.

standard

The customer segment known as Blank______ enjoy testing product prototypes and providing voluntary feedback that companies use to perfect their products. Multiple choice question.

technology enthusiasts

DaShawn likes to do a lot of research before he buys a new product and relies on the endorsement by others. He also wants to be sure the product will be practical. DaShawn is likely a member of which type of customer?

the early majority

A significant difference between the early majority and the late majority is that Blank______.

the late majority is not confident in using new technologies

A business model in which companies can obtain a large part of their revenues by selling a small number of units from among almost unlimited choice is referred to as

the long tail

True or false: Industries often tend to follow a predictable industry life cycle. True false question.

true

True or false: The chasm separating the early adopters from the early majority is the largest. True false question.

true

The type of innovation that focuses on improving an existing product by using existing technology and targeting existing markets is a(n) Blank______ innovation. Multiple choice question.

incremental

Which of the following statements about the maturity stage of the industry life cycle is true? Multiple choice question.

only a few large firms remain

Which term is used for the customer segment in the introductory stage of the industry life cycle?

technology enthusiasts

Which term is used for the customer segment in the introductory stage of the industry life cycle? Multiple choice question.

technology enthusiasts