Innovation and Technological Management

Digital watches didnt replace analogue watches because analogue provide_______________. A. status symbol B. Lastingness C. All of the above D. None of the above

C. All of the above

Dr Alfred is currently working for a pharmaceutical organization and has filed an application for a patent for AIDS treatment. He is thinking of starting his own company, so what should Dr alfred do next? A. He should start his own company immediately to take advantage of his new treatment. B. He shouldn't start his own company as he is working for another company C. He should consult a patent lawyer first to find out his/her position.

C. He should consult a patent lawyer first to find out his/her position.

If you are the follower, which of the following objective would you wish to achieve? A. Learn the technology B. Satisfaction of making a better product to beat the first mover C. Make a lot of money D. Learn how to copy

C. Make a lot of money

What imitators should specially take care of? A. Demand of Market B. Brand Name C. Patent infringement D. Technological Capabilities

C. Patent infringement

What should imitators specially take care of? A. Demand of the market B. Brand name C. Patent infringement D. Technological capabilities

C. Patent infringement

Which of the following is NOT a benefit of Family-Owned Business? A. Resilience and commitment B. Long term orientation C. Succession Problems

C. Succesion Problems

S-Curve shows the performance of technology such as _________. A. Grows linearly as predicted B. Grows exponentially C. Take sometimes to take off, then grows rapidly and finally it declines D. All of the above

C. Take sometimes to take off, then grows rapidly and finally it declines

S-curves depict that the performance of a technology... A. Grows linearly as predicted at S unit per year B. Grows exponentially as predicted by Steven Strowager C. Takes some time to breakthrough, then grows rapidly, and finally reaches a limit

C. Takes some time to breakthrough, then grows rapidly, and finally reaches a limit

Moore's Law states that... A. The number of junks we have increases every year B. The number of transistors that can be put on a chip doubles every year C. The number of transistors that can be put on a chip doubles every two years

C. The number of transistors that can be put on a chip doubles every two years

Why first movers don't always succeed? A. It takes a long time for customers to accept the idea/product B. Followers are offering a better and improved product C. They do not have sufficient funds to carry out the business D. All of the above

D. (qns nvr say commercially)

0.Why would some customers will buy when the performance is below the specifications band? A. It is cheaper B. It can do the job C. It is worth trying out D. All of the above

D. All of the above

4.Which statement is correct? A. It takes time to develop a new technology B. Technology's growth follows a life cycle C. A new technology may take over a current one when its performance becomes better D. All of the above

D. All of the above

How do imitators beat first movers? A. Lower price B. Better product C. Better brand D. All of the above

D. All of the above

The purposes of technology forecasting are... A. To prepare to take advantages of the emerging technology B. To avoid storage of outdated products C. To provide jobs for forecasters D. All of the above

D. All of the above

What can the first mover do to prevent others from copying? A. Protect the idea by patents B. Develop better product than likely competitors C. Sell product at lower price D. All of the above

D. All of the above

Which of the following are signs to detect dishonest Franchiser? A. Promises of future earnings with no documentation B. A High Pressure sale C. Evasive, vague answer to your question D. All of the above

D. All of the above

Which of the following is not true about technology? A. It can improve productivity B. It can reduce costs C. It can create new markets D. It always good for everyone

D. It always good for everyone

In a crisis, one should A. Panic B. Ask for help C. Be conservative D. Look for opportunity

D. Look for opportunity

Mr. Lim is starting a new business with a risk-adjusted constant l = 1.5. He is investing $1,000,000. The upside (U) of Mr. Lim's business will be: A. $3,000,000 B. $2,000,000 C. $150,000 D. None of the above

D. None of the above

Why sustaining innovation with performance better than requirements is able to keep the customers? A. It is more expensive B. It is too big C. It is too heavy D. One or more of the other parameters is worse E. All of the above

E. All of the above

For most new ventures, the business plan is a dual-purpose document used both inside and outside the firm. a. TRUE b. FALSE

a. TRUE

The network effect is a phenomenon whereby increased numbers of people or participants improve the value of a good or service a. TRUE b. FALSE

a. TRUE

An industrial or business cluster is a geographic concentration of interconnected companies in a particular field. a. True b. False

a. True

For products with short life cycle, producer should a) Not develop them b) Sell many as fast as possible c) Sell them cheap d) Treasure the lives of the products

b) Sell many as fast as possible

Which of the following is an example of intellectual property? a. The computer that you use b. Nike's swoosh logo c. United's fleet of planes d. Google's headquarters in Mountain View, California

b. Nike's swoosh logo

A grant from the government conferring the rights to exclude others from making, selling, or using an invention for a specific period of time is referred to as a(n) ________. a. trademark b. patent c. idea secret d. innovation e. copyright

b. patent

The focus of a small company's marketing plan should be on ________ a. preparing accurate financial forecasts b. the customer c. describing how its products or services are superior to those of competitors d. the competition

b. the customer

The term of a utility patent is ________ years from the date ________. a. 7; the patent is granted b. 15; of the initial application c. 15; the patent is granted d. 20; of the initial application e. 20; the patent is granted

d. 20; of the initial application

Choose the correct statement of sustaining innovation. A. One that maintains its market share of the market for a long time B. A new product developed based on radical innovation which may last a long time C. A new product produces through sustaining innovation. D. All of the above

A.

Mr Tan with a borrowed $50,000 and his own savings of $250,000 has started business. Calculate his regret (R), knowing that his new business is risky with a risk adjusted constant λ = 3. a. $300,000 b. $450,000 c. $150,000 d. None of the above

A. $300,000

David is starting a new venture with a risk adjusted constant λ =2. He is investing $150,000. The upside (U) of David's Venture is ______. a. $300,000 b. $200,000 c. $150,000

A. ( U = λ R)

A smartphone is a... A. Consumer product B. Service C. Both

A. Consumer product

What is the single most advantage of first mover? A. Hold the patents B. Capture all the market shares C. Recognised as the champion of the product D. Entry in the Guinness Book of Record

A. Hold the patents

Changes that occur with a series of small steps is known as ____________. A. Incremental change B. Quantum Change C. Fundamental Change D. Radical Change E. None of the above

A. Incremental change

_____ refers to the process of monitoring and evaluating the use of technology and then taking active steps to improve technology as necessary A. Managing technology B. Digital disruption C. Digital innovation D. Social technology

A. Managing technology

.Which of the following is a good forecasting method? A. Trend analysis B. Expert judgment C. Scenario analysis D. Simulations

A. Trend analysis

Which of the following is more concerned with commercial gain? A. Invention B. Innovation

B. Innovation

Technological progress is a three-step process of A. creation, pricing, and marketing B. invention, innovation, and diffusion C. Manufacturing, venturing, and promotion start-ups, D. imitation, and creative destruction

B. invention, innovation, and diffusion

Disruptive innovation is... A. An innovation that captures the market share of mainstream product B. An innovation that changes the customers' requirements C. An innovation that disrupts our normal way of doing things

A. An innovation that captures the market share of mainstream product

What is the single most advantage of first mover? A. Capture all the market B. Recognizes as champions C. Hold the patents D. Entry in the Guinness book of world record

A. Capture all the market (Not market share)

If you have to rank them, which is the most important factor for product success? A. Consumer's demand B. Technical Capability C. Management Capability D. Intellectual Property

A. Consumer's demand (Always first)

Which of the following is crucial to the development of more sophisticated mobile phones? A. Consumers B. Advances in technology C. Design engineers D. Programmers

A. Consumers ( When there is no demand from consumers, there will be no RnD and not drive innovation)

Which of the following statements on market segmentation is true? A. Market segments consists of a group with similiar needs or wants and may include geographical location, purchasing power, and buying attitudes. B. In today's social network based world, market segmentation doesnt have any place. c. all market segments have the same marketing strategies.

A. Market segments consists of a group with similiar needs or wants and may include geographical location, purchasing power, and buying attitudes.

Which of the following statements is true? A. Positioning is the act of design the product with the objective of having a distinctive place in the target consumer's mind. B. Positioning means you advertise and market your products as high quality and dont worry about the actual quality as first position is most important. C. Positioning is an old trick that doesn't work in modern day world

A. Positioning is the act of design the product with the objective of having a distinctive place in the target consumer's mind.

The main purpose of technology forecasting is ____ single A. To prepare to take advantage of the technology B. To provide jobs to the forecasters C. To avoid storage of outdated products D. All of the above

A. To prepare to take advantage of the technology

.An innovation that attracts people at the Bottom of Pyramid has the potential to be disruptive A. True B. False

A. True

A learning organization is skilled at creating, acquiring, and share new knowledge. A. True B. False

A. True

Major breakthroughs, which are called radical innovation may or may not be disruptive, while minor or incremental innovations can be disruptive. A. True B. False

A. True (Mostly incremental innovations can be disruptive)

What is the single most disadvantage of First movers? A. Uncertainty of demand B. Infringement of patent C. Fear of being copied D. Don't know how to start

A. Uncertainty of demand

8.In general, is it difficult to switch to produce products using new technology? A. Yes B. No

A. Yes

Customers always want their desired performance to be met. A. Yes B. No

A. Yes

The specification band (blue) depicts performance range required by mainstream customers A. Yes B. No

A. Yes

Is it OK to imitate? A. Yes B. No

A. Yes ( It is OK to imitate but not counterfeit)

Sustaining innovation is... A. A single innovation that maintains its market share for a considerable length of time B. A new product developed based on improvement of same core technology C. An innovation produced through sustaining energy of the company

B. A new product developed based on improvement of same core technology

What is a good way to reduce risk in product development? A. Dont develop new product B. Adopt the stage gate approach C. Use other's people money D. All of the above

B. Adopt the stage gate approach

What is a good way to reduce risk in product development? A. Dont develop the product B. Adopt the state gate approach C. Use other people's money D. All of the above

B. Adopt the state gate approach

What enables new models of mobile phones to be more sophisticated? A. Consumers Designers B. Advances in technology C. Programmers D. None of the above

B. Advances in technology

A product that also attracts customers that formerly do not use them is... A. Causing customer disruption B. Causing new market disruption C. Causing disruption of the Bottom of Pyramid

B. Causing new market disruption

What usually happens to dominant companies developing sustaining innovations when disruptive innovation takes over? A. Switch to new disruptive innovation B. Close down operations C. Buy over the disruptive innovation

B. Close down operations

In Industry Structure Analysis, substitute product in "threat of substitute product" refers to A. Competitors' product B. Disruptive innovation C. Lower cost product D. All of the above

B. Disruptive innovation

Franchising is a legal arrangement in which the owner of a business format has licensed it completely free of any charge to an individual or a local firm, called a franchisee. A. True B. False

B. False

Radical Innovations and disruptive innovation are the same, as radical innovation will eventually disrupt the existing product or process. A. True B. False

B. False

The performance of the disruptive innovation must exceed that of the sustaining innovation before it disrupts A. True B. False

B. False

The Copyright and patent system exist ONLY to protect digital distribution since each digital copy is identical to the original copy and can be distributed easily. A. True B. False

B. False ( Also to obtain economical benefits of the owner, disallows other inventors to sell, use, make once the product has patented)

Economies of scale is based on the concept that lower quantities of unit sold will result in reduced per unit cost. A. True B. False

B. False (Large)

Instead of calling them imitators, we call them... A. Counterfeiters B. Followers C. Copycats D. Thieves

B. Followers

Why do first movers not always succeed commercially? A. It takes a long time for customers to accept the idea/product B. Followers come out with better/improved products C. They are so happy being crowned the champion of the idea and neglect the product

B. Followers come out with better/improved products

Disruptive innovation is... A. Good for companies using mature technology B. Good for new start-ups using new technology

B. Good for new start-ups using new technology

What is the single most disadvantage for the first mover? A. Uncertainty of demand B. Heavy expenditures on R&D C. Fear of being copied 161 D. Don't know how to start

B. Heavy expenditures on R&D (High development costs)

Which of the following is the most correct answer on technology-based enterprise? A. It is easy to start a technology-based business B. Huge fortune can be made from a successful technology-based product C. It is the only business worth doing it has the lowest rate for failure

B. Huge fortune can be made from a successful technology-based product

To gain competitive advantages, one must ___________. A. Be ruthless B. Learn to use resources and build up capabilities c. Learn to strategize d. Outsource production to Vietnam

B. Learn to use resources and build up capabilities

If you are the first mover, which of the following objectives would you wish to achieve? A. Recognised as the champion of the product B. Make a lot of money C. Satisfaction in suing people who copy my idea D. Loved by customers/users

B. Make a lot of money

Which statement is correct? A. Moore's Law states that the number of transistors that can be put on a chip doubles every year B. Moore's Law is an example of S-curve C. Moore's Law states that people will have more junks D. None of the above

B. Moore's Law is an example of S-curve

Is it OK to make counterfeit products? A. Yes B. No

B. No

Is it absurd to say that Internet will encourage a more democratic society? A. Yes B. No

B. No

Do you agree to pay a royalty (sum paid to owner of patent or copyright) to someone who first develops the idea/product if you copy the idea? A. Yes B. No

B. No ( Willing to pay royalties to the 1st inventor, u becoming his franchisee, then why still copy in the first place?)

How to reduce/minimize the risk of product development? A. Not develop them B. Sell many as fast as possible C. Sell them cheap D. Treasure the lives of the products

B. Sell many as fast as possible

Facebook is a... A. Consumer product B. Service C. Both

B. Service

Low-end disruption refers to the case when A. There are customers who look for disruptive product B. There are customers who buy when price is low even though performance is not so good C. There are customers at the Bottom of Pyramid

B. There are customers who buy when price is low even though performance is not so good

What is the advantage of having market power? A A. You are always the first mover B. You can copy others' products without fear C. You should always be following to see what can sell first D. All of the above

B. You can copy others' products without fear

Choose the correct statement for the rate of technology development. A. Early technology is mostly discovered by chance and the growth was slow B. Modern technology is rapid and growth is fast C. All of the above D. None of the above

C. All of the above

Which is more important? Invention or innovation? A. Invention B. Innovation C. Both

C. Both

Which of the following statements is correct? A. First, we have science, then we develop the related technology B. First, we have technology, then we develop the scientific principles C. Both are correct

C. Both are correct

Which of the following statements is correct? A. You can make a lot of money from technology-based products like mobile phones B. You can make a lot of money from non-technology-based products like food business C. Both are correct

C. Both are correct

Which of the following is NOT a benefit of Franchise? A. Management training and support B. Brand name appeal C. Franchising fees and royalties

C. Franchising fees and royalties

A business plan is written mainly A. For the founder's personal use B. To share the idea with relatives and close friends C. Both A and B D. None of the above

D. None of the above (roadmap to see idea feasible or not)

______________ produces fundamental changes that can transform a company or even revolutionize an industry, while ________________ enhance existing practices and often represent evolutionary applications of fundamental breakthrough. A. Technological Breakthrough; product market breakthrough B. New technologies; new paradigms C. Incremental innovation, radical innovation D. Radical innovation, incremental innovation

D. Radical innovation, incremental innovation

What are technologies used for? A. Entertainment B. Military purposes C. Benefits of mankind D. Commercial gains E. All of the above

E. All of the above

What is the purpose of developing technology? A. To increase understanding of the universe B. To have fun in the developing C. To make commercial gain D. To improve human life E. All of the above

E. All of the above

Choose the correct statement about Risk a. It is the chance or possibility of loss. This could be financial, physical or reputational b. It is the chance or possibility of financial loss, however it could not physical or reputational c. Gola of Risk management is to eliminate it d. None of the above

It is the chance or possibility of loss. This could be financial, physical or reputational

A country is strong only if it has advanced technology. a) Agree b) Disagree

a) Agree

Which of the following is the main driving force for technology? a) Demand b) Curiosity c) More free time d) More research institutions

a) Demand

How to develop new technology? a) Research from 0 to 1 b) Steal c) Get it from other intelligent beings in other planets d) All of the above

a) Research from 0 to 1

Finding a vaccine for COVID-19 is in the realm of ... a) Science b) Technology c) Know-how

a) Science

1) Which of the following statements is more correct? a) Scientific research is expensive and they must be supported with government grand. b) Scientific research will bring huge return and therefore should be sponsored by companies. c) Technology development will reap less return than scientific research. d) Since scientific research is expensive and has no immediate return, so nobody shall do it.

a) Scientific research is expensive and they must be supported with government grand.

A radical innovation is ___________. a. A new product developed using a new technology b. A new product developed based on the improvement of the same core technology c. An innovation produced through substantive cosmetic changes d. A product meant to last a long time

a. A new product developed using a new technology

An incremental innovation is ______________. a. An innovation that makes some minor changes to the previous models. b. An innovation that adopts the latest technology as soon as it is proven c. An innovation that eventually captures the market share of a mainstream product d. An innovation that changes the customer's requirement.

a. An innovation that makes some minor changes to the previous models.

------------- is the process of determining whether a business idea is viable a. Feasibility analysis b. Opportunity recognition c. Viability analysis d. Achievability analysis

a. Feasibility analysis

Drivers of innovation are a. Financial Pressure, Short life cycle and increased competition b. Pressure to earn more money, develop technology faster and high cost of living c. None of the above

a. Financial Pressure, Short life cycle and increased competition

________ is the process of creating and delivering desired goods and services to customers and involves all of the activities associated with winning and retaining loyal customers a. Marketing b. Personal selling c. Promotion d. Customer service

a. Marketing

Which of the following are the four key forms of intellectual property protection? a. Patents, copyrights, trademarks, and trade secrets b. Discoveries, covenants, trademarks, patents c. Patents, official documents, copyrights, inventions d. Discoveries, Internet domain names, innovations, trademarks

a. Patents, copyrights, trademarks, and trade secrets

In amrketing mix, the 4 p's refers to ___________ a. Product, pricing, place, promotion b. Product, positioning, place, promotion c. Product, positioning, place, promotion

a. Product, pricing, place, promotion

How would you obtain the necessary technology to imitate? a. Reverse engineering b. Steal the blue print c. Employ people from the first mover company d. Engage consultants e. Work in the first mover company

a. Reverse engineering

A brand is the set of attributes—positive or negative—that people associate with a company a. TRUE b. FALSE

a. TRUE

A competitor analysis, which is a detailed analysis of a firm's competitors, should be included in the market analysis section of its business plan a. TRUE b. FALSE

a. TRUE

A franchise is an arrangement in which semi-independent business owners pay fees and royalties to a parent company in return for the right to sell its products or services and often to use its business format and system a. TRUE b. FALSE

a. TRUE

For radical innovations, the risk is very high, however if it becomes successful then rewards are very high as well a. TRUE b. FALSE

a. TRUE

Intellectual property is any product of human intellect that is intangible but has value in the marketplace. a. TRUE b. FALSE

a. TRUE

Regret is the amount of loss a person can tolerate a. TRUE b. FALSE

a. TRUE

Some of the strategic options entrepreneurs have when deciding to go global include the Web, joint ventures, and franchising. a. TRUE b. FALSE

a. TRUE

A car sharing firm like Zipcar would not likely emerge from big automative firms because: a. The concept is against their business model b. it is considered a small business for automobile industry c. Automobile industry encourage small companies like Zipcar to avoid monopoly issues.

a. The concept is against their business model

Which of the following statements is true? a. The two primary audience of a business plan is firm employees and investors/lenders b. Since investors can find my business easily, i dont need a business plan. c. Since i am already known to many people via social networks, i dont need a business plan.

a. The two primary audience of a business plan is firm employees and investors/lenders

The document that does the best job of introducing potential investors and other stakeholders with the business opportunity the firm is pursuing and how it plans to pursue it is the ________. a. business plan b. feasibility analysis c. opportunity analysis d. industry analysis e. marketing plan

a. business plan

A disadvantage of the corporate form of ownership is when profits are taxed at the corporate rate and at the individual rate and this is referred to as ________ a. double taxation b. limited liability c. double liability d. single taxation

a. double taxation

In terms of priority in filing a patent application, the United States uses a first-to-________ system. a. file b. invent c. manufacture d. sell e. validate

a. file

The specific group of customers at whom a company aims its good or services is referred to as a ________. a. market segmentation b. bootstrap marketing c. niche marketing d. target market e. None of the above

a. market segmentation

The most common form of business ownership that is also the simplest to create is the a. sole proprietorship b. partnership c. corporation d. S corporation

a. sole proprietorship

Mass manufacturing surgical masks and gloves is in the realm of ... a) Science b) Technology c) Knowhow

b) Technology

Mass manufacturing vaccine is in the realm of ... a) Science b) Technology c) Knowhow

b) Technology

E-commerce is considered as a... a) product. b) service. c) process

b) service

John invested $800,000 in his new business which has risk adjusted constants of 4. John's upside will be a. $800,000 b. $3,200,000 c. None of the above

b. $3,200,000

Which of the following is NOT one of the "red flags" listed in the textbook that raises questions about one or more aspects of a company's business plan? a. Founders with none of their own money at risk b. Defining the market size too narrowly c. A poorly cited plan d. Sloppiness in any area e. Overly aggressive financials

b. Defining the market size too narrowly

Which of the following is not one of the objectives a marketing plan should accomplish? a. Determine customer needs and wants through market research. b. Determine how the company will be able to serve all customers. c. Analyze the firm's competitive advantages and build a marketing strategy around them. d. Create a marketing mix that meets customer needs and wants

b. Determine how the company will be able to serve all customers.

Serendipity means ________. a. Creating ideas under serene environment b. Discovery by accident c. Generating ideas through sympathy to certain event d. useful technology

b. Discovery by accident

A business plan can usually be completed in one to three days. a. TRUE b. FALSE

b. FALSE

Because they lack the size and financial resources of their larger competitors, small companies are powerless when it comes to developing effective marketing strategies. a. TRUE b. FALSE

b. FALSE

Economies of scale is an economic concept that the unit cost to produce a product will decline as the variety of products increases. a. TRUE b. FALSE

b. FALSE

Economy of scope is based on the concept that larger quantities of units sold will result in reduced per-unit costs a. TRUE b. FALSE

b. FALSE

The executive summary is a lengthy overview of the entire business plan a. TRUE b. FALSE

b. FALSE

'Viral Marketing' and 'Viral advertising' refers to marketing techniques that use pre-existing social networks. It can be in the form of video clips, interactive flash games, images, or even text messages, however, it cannot be a 'word of mouth' a. True b. False

b. False

John spent his savings of $600,000, while David borrowed $500, 000 from a bank to start a new business partnership a. John's regret is 600,000 while David's regret is 0, as he didn't use his own money b. John's regret is 600,000 and David's regret is $500,000 c. None of the above

b. John's regret is 600,000 and David's regret is $500,000

Mobile advertising and mobile marketing is an emerging hot area given: a. The recession in many developed countries b. The amount spent on advertising and the amount of time spent on mobile devices. c. Both A and B d. None of the above

b. The amount spent on advertising and the amount of time spent on mobile devices.

A significant advantage a franchisee has over an independent business is the participation in the franchisor's ________ largely due to the ________ the franchise offers. a. centralized buying power; buying insight b. centralized buying power; brand protection c. centralized buying power; economies of scale d. economies of scale; territorial protection

b. centralized buying power; brand protection

Overseas outsourcing is very popular in the manufacturing industry and the main reason for outsourcing is _______. a. is cost benefits ONLY which will result in high profits b. is Cost, availability of cheap labor and other issues (Tax, regulations) c. is copyright concerns ONLY, as it cannot be enforced in some countries.

b. is Cost, availability of cheap labor and other issues (Tax, regulations)

A ________ is any word, name, symbol, or device used to identify the source of origin of products or services and to distinguish those products or services from others. a. copyright b. trademark c. license d. trade secret

b. trademark

The key to choosing the right form of ownership is ________. a. envisioning where your business will be in 10 years b. understanding the characteristics of each form and knowing how they affect your business and personal circumstances c. forming either an S corporation or a limited liability company since they are the only forms that offer owners liability protection d. irrelevant since choosing a form of ownership is merely a technicality and has little impact on the business and its owner(s)

b. understanding the characteristics of each form and knowing how they affect your business and personal circumstances

Of product and service, which one can reap high return? a) Product b) Service c) It depends on the product or service

c) It depends on the product or service

A disruptive innovation is __________. a. An innovation that disturbs our normal way of doing things b. An innovation that adopts the latest technology as soon as it is proven. c. An innovation that eventually captures the market share of mainstream product. d. An innovation that changes the customer's requirement.

c. An innovation that eventually captures the market share of mainstream product.

Choose the correct statement about innovation a. creating something new, which is of some value b. apply creative solutions to problems and opportunities to enhance or to enrich people's lives c. Both of the above d. None of the above

c. Both of the above

Which of the following is the main purpose for writing a business plan? a. The plan helps the company develop a "road map" to follow. b. The plan introduces potential investors and other stakeholders to the business opportunity. c. Both of the above are equally important. d. None of the above

c. Both of the above are equally important.

A business plan is written mainly _________. a. For the founder's personal use and memorable document b. To share idea with relatives and close friends for advise and guidance c. To provide a roadmap and raise funds

c. To provide a roadmap and raise funds

Becoming a global entrepreneur requires ________. a. constant innovation b. maintaining a high level of quality and constantly improving it c. being sensitive to foreign customers' unique requirements and adopting a more respectful attitude toward foreign habits and customs d. All of the above

d. All of the above

Successful marketing requires a business owner to ________. a. understand target customers' needs, demands, and wants b. offer customers products and services that will satisfy their needs, demands, and wants c. provide customers with service, convenience, and value so that they will return d. All of the above

d. All of the above

Which of the following issues would a typical partnership agreement address? a. The contributions of each partner to the business. b. How the partnership profits (or losses) will be distributed. c. How a partner can sell her/his ownership in the business. d. All of the above

d. All of the above

Which of the following issues would influence an entrepreneur's choice of a form of business ownership? a. Tax considerations b. Management succession plans c. Liability exposure d. All of the above

d. All of the above

A limited liability company is most like a(n) ________. a. general partnership b. master partnership c. sole proprietorship d. C or S corporation

d. C or S corporation

Which of the following statements is incorrect about business plans? a. Writing a business plan forces a firm's founders to systematically think through each aspect of their new venture. b. For most new ventures, the business plan is a dual-purpose document used both inside and outside the firm. c. A business plan is typically 25 to 35 pages long. d. The business plan should be written while the feasibility analysis is being completed.

d. The business plan should be written while the feasibility analysis is being completed.

Which of the following selections correctly identifies the three types of patents? a. Manufacturing; process; plant b. Usefulness; purpose; genetic c. Explicit; implicit; plant d. Utility; design; plant e. Manufacturing; service; other

d. Utility; design; plant

Brands are very important for the success of any business and successful brands are built within __________. a. innovative ideas only b. services/products only c. excellent customer services d. all of the above

d. all of the above

Technology change process includes ______________. a. invention or discovery b. innovation or development c. diffusion and comercialization d. all of the above

d. all of the above

Probably the most important reason to have a partnership agreement is that ________. a. it identifies the name of the partnership and protects that name from infringement by others b. it states the location and the purpose of the business c. it determines how the partnership and the partners will pay taxes d. it resolves potential sources of conflict that, if not addressed in advance, could later result in partnership battles and dissolution of an otherwise successful business

d. it resolves potential sources of conflict that, if not addressed in advance, could later result in partnership battles and dissolution of an otherwise successful business

A special type of partnership in which all partners, who must be professionals, are limited partners is called ________ partnership. a. general b. limited c. silent d. limited liability

d. limited liability

Which of the following is NOT an example of intellectual property? a. Proactiv's formula for acne medication b. Apple's trademark c. Internet domain name www.dripcatch.com d. Microsoft's Windows operating system e. A computer monitor

e. A computer monitor

A business plan is important as it forces the founding team to systematically think through every aspect of their new venture, and it ________. a. is a budget b. is a public relations document that can be used to promote the firm c. is a contract that is signed by the founders of the firm d. is a financial analysis e. communicates the details of a new venture to outsiders, such as investors and bankers

e. communicates the details of a new venture to outsiders, such as investors and bankers

Patent ________ takes place when one party engages in the unauthorized use of another party's patent. a. breach b. encroachment c. violation d. infraction e. infringement

e. infringement

The first step in selecting a target market is to study the industry in which the firm intends to compete and determine the different potential target markets in that industry. This process is called ________ a. market positioning b. market splitting c. market targeting d. market subdividing e. market segmentation

e. market segmentation

How would you obtain the necessary technology to imitate? a. Reverse engineering b. Steal the blue print c. Employ people from the first mover company d. Engage consultants e. Work in the first mover company f. All are correct

f. All are correct