Innovation Final Exam
Which one of the following is the least effective type of leadership power for building relationships? A. Coercive B. Reward C. Legitimate D. Expert E. Referent
A. Coercive
The purpose of a trademark is to protect the... A. Consumer B. Trademark (brand) owner
A. Consumer
This skillful and synergistic combination can accelerate the likelihood that your strategic thinking and execution will be successful. The Kindle provides affordability, simplicity (one-click shopping), and convenient access to Amazon's products and services. Customers can purchase a broad selection of merchandise and have access to e-books and videos. Customers can use Amazon's Whispernet to access products and services without any monthly fee or wireless subscription. A. Execution Efficiency B. Creativity and Technology C. Knowledge explosion D. Liberation of routine thinking E. Resource sustainability
B. Creativity and technology
What questions should be asked regarding ecosystem interdependencies? A. Who needs to innovate for my innovation to matter? A co-innovation risk is the failure to understand that your innovation supplier partners must fulfill their promise to deliver their part of the whole solution. Specifically, have your partners delivered the co-innovations that are necessary for your innovation to be successful? B. Who needs to adopt my innovation before the customer can assess your full value proposition? An adoption chain risk is the failure to understand there is a missing link between the innovator and the customer in the value chain. Specifically, have your partners adapted your innovation so that a complete solution is available to customers? C. All of the above. D. None of the above.
C. All of the above
A trade secret is any formula, pattern, compilation, program, device, method, technique, or process where one or more of the following applies? A. The trade secret derives independent economic value from not being generally known or readily available by legal means B. The trade secret is the subject of efforts that are reasonable under the circumstances to maintain its secrecy C. Both of the above D. None of the above
C. Both of the above
Acquiring trademark rights can be achieved by which one or more of the following? A. Use B. Registration C. Both of the above D. None of the above
C. Both of the above
Effective leaders have a combination of high professional will and a drive for mastery driven self-improvement rather than ego-driven self-absorption. Which one or more of the following are correct? A. Mastery-driven individuals view success using a self-referenced standard. They view success when they are improving and getting better B. Ego-driven individuals view success as a social comparative standard. They are happiest when they are at the top of their chosen profession. C. Both of the above D. None of the above
C. Both of the above
Which one or more of the following are accurate regarding the Statue of Liberty? A. The Statue of Liberty was crowdfunded by donations from the people of the U.S. B. The Statue of Liberty was crowdfunded by donations from the people of France C. Both of the above D. None of the above
C. Both of the above
Which one or more of the following are correct regarding catalytic leadership? A. Catalytic leaders are the facilitators for others, not themselves. Self-absorbed leadership that focuses too much on the needs and preferences of the leader over needs of others in the organization vacuums away the spirit to innovate. B. Catalytic leaders are those who know how to connect people, and who know that important achievements are accomplished through others. The ability to increase the people connections also facilitates the ability to create innovative associations. C. Both of the above. D. None of the above.
C. Both of the above
Which one or more of the following are correct regarding the strategy of Elon Musk's Tesla? A. Tesla is an example of an organization that has created a blue ocean for electric premium cars. Tesla provides the customer experience, innovation though software technology, and perceived luxury (compared to the Toyota Prius). B. Tesla is a company that has a purpose beyond making money. Tesla provides an alternative to fossil fuels that may help improve the environment if coupled with solar energy as compared to coal. C. Tesla offers it patents to other firms to drive their purpose, that is, climate change management. Other firms may use the patents to expand the use alternative energy. Tesla feels that can out invent its rivals. D. All of the above
D. All of the above
Which one of the following does not represent a type of entrepreneur? A. Individual Entrepreneurs B. Corporate Entrepreneurs C. Social Entrepreneurs D. Universal Entrepreneurs E. None of the above
D. Universal Entrepreneurs
In a 2012 global study by Towers Watson regarding the level of sustained employee engagement of 32,000 full-time workers, nearly two-thirds (65%) of the participants in the study were not highly engaged. Which of the following are accurate? A. 35% of employees were highly engaged B. 22% were unsupported C. 17% were detached D. 26% were disengaged E. All of the above
E All of the above
A utility patent encourages people to share their ideas and in return the utility patent holder will receive _____ years of protection. A. 4 B. 8 C. 12 D. 16 E. 20
E. 20
Doctors Robert Kaplan and David Norton developed the concept of a balanced scorecard that performance management systems could use for tracking performance against strategic goals. The balanced scorecard is organized into which of the following perspectives? A. Financial B. Customer C. Internal Business Process D. Learning and Growth E. All of the above
E. All of the above
In Blue Ocean Strategy, Kim and Mauborgne describe a four-action framework that introduces four questions to build a strategic model. Which one or more of the following are correct? A. Which of the factors that an industry takes for granted should be eliminated? B. Which factors should be reduced well below the industry's standard? C. Which factors should be raised well above the industry's standard? D. Which factors should be created that the industry has never offered? E. All of the above
E. All of the above
In a survey conducted by Strategos of 550 large companies about their innovation practices, the majority of respondents considered innovation to be critical, yet less than 20% of the respondents considered their companies to be effective in their innovation efforts. The survey identified not one, but many obstacles to innovation. Which of the following apply? A. Short term focus, belief that innovation is inherently risky. B. Lack of a systematic innovation process, time, resources, or staff C. Leadership expects payoff sooner than is realistic D. Management incentives are not structured to reward innovation E. All of the above
E. All of the above
Which one of the following are generic trademarks (they used to be trademarks). A. Zipper B. Cellophane C. Laundromat D.Aspirin E. All of the above
E. All of the above
Which one or more of the following are correct regarding catalytic leadership? A. Catalytic leadership is a choice individuals make to challenge existing practices and theories. Having the courage and wisdom to challenge what exists is necessary, because organizational cultures will perpetuate the past even though change is needed. B. Catalytic leaders are those that choose to transform what is into what might be. C. Catalytic leaders are those who confront the brutal facts to overcome the obstacles that impede innovation. D. Catalytic leaders are those individuals who are willing to facilitate the counterculture of an organization by constantly searching for new ideas and discarding outmoded beliefs. E. All of the above
E. All of the above
Which one or more of the following are correct regarding the concept of opportunity recognition? A. The word "opportunity" is used to cover everything from action opportunities (e.g. the opportunity to expand geographic markets or add product/service lines) to expense opportunities (e.g. the opportunity to lease a larger retail space or buy a discounted computer system) and everything in between B. The opportunity of interest in innovation and entrepreneurship is market opportunity. "What is the unserved and/or undeserved market opportunity that having this large retail space will allow you to better serve?" C. The market opportunity needs to be of sufficient size, quality, and durability to sustain the business venture in which you are engaged. D. The opportunity is not to start the venture, but rather to identify a problem or pain point, devise a solution, and discern the dimensions of the unserved and/or underserved market potential. E. All of the above
E. All of the above
Which one or more of the following can be considered to be a trade secret? A. Customer Lists and Information B. Suppliers and distributors C. RFP/Bids, drawings, designs, plans, etc. D. Formulas, computer software, and databases E. All of the above
E. All of the above
Which one or more of the following regarding industrial revolutions are correct? A. The first industrial revolution started around 1780 with the first mechanical manufacturing facilities and especially the invention and widespread use of the steam engine and coal for energy B. The second phase set in around 1900 with electricity and the development of large capital goods industries like steel and oil which enabled mass-manufacturing C. The third industrial revolution in the 1970's, which expanded highly efficient production on a global scale and scope never seen before, all on the foundation of automation. D. The fourth industrial revolution began in 2009. It merges the existing vast industrial infrastructure with the Internet of Things and Cloud Computing, creating a direct and real-time interface between the virtual and physical world. E. All of the above
E. All of the above
Each startup is based on an idea that if validated by a customer can provide a way to improve the wellbeing of all stakeholders. Entrepreneurship can be achieved using many paths. Which one of more of the following are accurate? A. A startup can become incumbent or pivot and become incumbent B. A startup can be acquired by an incumbent C. A startup can disrupt an incumbent D. A startup can fail to cross the chasm E. All of the above are correct
E. All of the above are correct
If you are a patent holder which one or more of the following are you permitted to do? A. License B. Sell C. Develop D. Ignore E. Any of the above
E. Any of the above
Which of the following does not fit with the others regarding the customer experience conventional strategy? A. Ikea B. Disney C. Amazon Dash D. USAA (United Services Automobile Association) E. LinkedIn
E. LinkedIn
T or F: A co-innovation risk is the failure to understand there is a missing link between the innovator and the customer in the value chain. Have the innovation partners adapted your innovation so that a complete solution is available to customers?
False
T or F: A white swan is a metaphor for a significant unexpected event. The name white swan is based on the notion that white swans are rare. White swan theory is a useful way to view risk where the event is a surprise to the observer, has a major effect, and is rationalized by hindsight. The white swan theory is not an attempt to predict a white swan or surprise event, but to build robustness against negative events that occur and be able to exploit positive ones.
False
T or F: According to a 2016 article by McKinsey & Company using results from 2013, Executives generally underestimate their effectiveness as motivators and leaders. Top managers rated their organizations less highly on leadership than did frontline employees.
False
T or F: According to a 2016 article by Mckinsey & company using results from 2013, executives generally underestimate their effectiveness as motivators and leaders. Top managers rated their organization less highly on leadership than did frontline employees.
False
T or F: An external ecosystem is about balancing the parts or subsystems of an organization and its value chain of inputs, throughputs, and outputs. In an organization, there are sometimes conflicts between the drive for competitive efficiency and the drive for innovative competitive separation.
False
T or F: Forward vertical integration occurs when a company acquires the means of managing and controlling the inputs used in the production of its products. One example of forward innovation integration is Apple's design and delivery of their microprocessor chips. In addition, Apple has contracts with Samsung for the building of their chips and related hardware components
False
T or F: In hierarchical organizations, there is an implicit expectation that management improvements need to start at the top, and that needed change will come from above. The one-way downdraft is the most efficient way to make decisions. High performing organizations operate the most effectively with a one-way dialogue.
False
T or F: Leaders are more effective if they demonstrate authentic integrity most of the time to build the foundation for trusting relationships. In How Will You Measure Your Life? Christensen, Allworth, and Dillon, describe the difference between most of the time integrity and some of the time integrity.
False
T or F: Monsanto is the world's largest seed and weed company. Monsanto produces genetically modified organisms (GMO) whose genetic material has been altered using genetic engineering techniques. This alteration has created a red ocean that enables the herbicide-resistant soybeans, corn, and other gene-modified products to absorb the herbicide Roundup. Monsanto's Roundup kills everything including the weeds, soybeans or corn
False
T or F: The Samsung Galaxy is made of electronic components that are mostly made by Apple.
False
T or F: Where there is low execution challenge and low co-innovation challenge early movers have a minimal advantage to fulfill the value proposition.
False
T or F: Crowdsourcing is "the practice of obtaining needed services, ideas, or content by soliciting contributions from a large group of people and especially from the online community rather than from traditional employees or suppliers." Crowdsourcing applies the wisdom of the crowd to solve problems. Top crowdsourcing websites include crowdSPRING, 99Designs, DesignCrowd, Elance, oDesk, and Innocentive. For example, crowdSPRING is a crowdsourcing website that enables creative individuals to find customers, and for customers to find creative talent.
True
T or F: One of the keys to managing the ecosystem interrelationships is to build the multiple ecosystem dynamics into the corporate culture from the beginning. Apple in its relentless pursuit of innovative products is an excellent example of systems thinking that has evolved based on both external and internal ecosystem thinking. Ecosystems' thinking is a holistic approach that focuses on the relationships of the parts within a whole entity in a way that expands the total perspective
True
T or F: Technology can be used for enhancing innovation capability. Technology enables the shift from mass commoditization to mass customization or personalized solutions that include cars, shoes, clothes, computers, pharmaceuticals, homes, services, and experiences.
True
T or F: A black swan is a metaphor for a significant unexpected event. The name black swan is based on the notion that black swans are rare. Black swan theory is a useful way to view risk where the event is a surprise to the observer, has a major effect, and is rationalized by hindsight. The black swan theory is not an attempt to predict a black swan or surprise event, but to build robustness against negative events that occur and be able to exploit positive ones.
True
T or F: A type of innovation integration is vertical. Vertical integration occurs when a company seeks to own all the components of the value chain from raw materials to finished good. Vertical integration can be forward or backward in the value chain. If the cake bakery wants to own all the components of production, it might expand its business backward toward raw materials, and acquire a flour plant or a sugar processor
True
T or F: A vicious circle of design-manufacture-marketing-consumption can occur when the shared resources are overused and degenerate to the point that they are no longer able to support our needs.
True
T or F: According to Gary Hamel, we are experiencing unpreceded exponential change, hyper-competition, and the commoditization of knowledge. Organizations need to reimagine their leadership and managerial models by innovating faster than their peers to adapt to change, build cultures for everyone to innovate, and create new knowledge.
True
T or F: According to Mckinsey the duality of both speed (adaptability and the drive for progress) and stability (a core ideology that includes guiding principles and a purpose) together are factors for improving organizational health. Organizational health is the ability to align, execute, and renew an organization faster than the competition does and thus to sustain exceptional performance over time.
True
T or F: According to a 2016 article by McKinsey & Company using results from 2013, executives generally overestimate their effectiveness as motivators and leaders. Top managers rated their organizations more highly on leadership than did frontline employees.
True
T or F: Amazon, Apple, Google, and Microsoft are all examples of start-ups that have become technology giants, in part because of their development of technology ecosystems. By controlling the design and/or production of electronic devices and the core operating systems of the device used for the entry point into their ecosystems, these companies can better manage their customer base. The ecosystem is a large, integrated suite of additional brands, products, and services that enable these companies to manage, retain, and attract new customers and achieve reliable revenue streams.
True
T or F: An adoption chain risk is the failure to understand there is a missing link between the innovator and the customer in the value chain. Have the partners adapted your innovation so that a complete solution is available to customers? The Michelin run-flat tire failed because the tire service centers did not adopt the innovation in a timely manner. Michelin failed to ensure that their service-center partners had adopted the entire run-flat tire solution.
True
T or F: Copyright protects original works of authorship fixed in a tangible medium of expression. Protects the manner in which an idea is expressed. It does not protect the idea itself.
True
T or F: Creativity is more dynamic in a team setting, rather than as a solo performance. In a leadership position, selecting employees based on individualism is very risk and can easily result in failure. A leadership position requires the ability to choose the right person who can effectively function within a team.
True
T or F: Ecosystems can be externally or internally focused. Systems and subsystems within both the external and internal ecosystems are interdependent.
True
T or F: Entrepreneurship is the driving engine of the economy. It is the startup (young) firms that are the real driver of disproportionate job growth. It is the young startup firms that generate the surge of jobs rather than existing firms
True
T or F: In Playing to Win, A. G. Lafley and Roger L. Martin one of the questions to ask is: What capabilities must be in place? The set and configuration of capabilities required for winning in the chosen way. Capabilities are the map of activities and competencies that critically underpin specific where-to-play and how-to-win choices.
True
T or F: In a survey conducted by Strategos of 550 large companies about their innovation practices, the majority of respondents considered innovation to be critical, yet less than 20% of the respondents considered their companies to be effective in their innovation efforts. This survey reinforces the importance of system thinking and ecosystems. The survey identified six obstacles to innovation that include short-term focus, lack of time, resources, or staff, leadership expects payoff sooner than is realistic, management incentives are not structured to reward innovation, lack of a systematic innovation process, and a belief that innovation is inherently risky.
True
T or F: Innovation failures can often be attributable to an unwillingness to act or errors of omission. Xerox was able to conceptualize many technological ideas and transform them into innovations; but they stopped there. Xerox PARC developed many technology innovations, but they were not able to effectively commercialize them. Xerox PARC was best known for inventing laser printing, Ethernet, the modern personal computer graphical user interface paradigm, ubiquitous computing, and advancing very-large-scale-integration (VLSI), object oriented technology, and Smalltalk programming language. Xerox PARC developed the graphical user interface concept (windows) that influences the software that was commercialized by both Apple and Microsoft.
True
T or F: Innovation integration enables firms to minimize the deleterious impact of both co-innovation and adoption chain risk.
True
T or F: Jim Collins used the window and mirror analogy to describe catalytic leadership. By acknowledging that leaders are willing to take responsibility for their lack of knowledge and missteps (by looking in an imaginary mirror when there is a problem) while, at the same time, giving sincere credit to others for meaningful results (by looking out the imaginary window to reward the results of others), they set performance expectations for bi-directional accountability.
True
T or F: Leadership can be defined as doing the right thing and management doing things right. The biggest room in the world is room for improvement especially as it relates to management. For example, in a survey fifty percent of people left a job at some point "to get away from their manager."
True
T or F: Leadership is the thoughtful, imaginative and effective use of distributed power that is inseparable from followership. A leader gets power from below (from those who respond to their leadership and act on it). Power, relative to leadership, is the ability to influence people and take them where they need to be.
True
T or F: Louis Silvie "Louie" Zamperini was an American World War II prisoner of war survivor, inspirational speaker, and Olympic long distance runner. He is an example of professional will, courage and resilience. In 2010, Laura Hillenbrand wrote a best-selling book about his experiences, which was adapted into the film Unbroken in 2014.
True
T or F: Mckinsey suggests that the prerequisites to catalytic leadership is to eliminate destructive behaviors. "The researchers discovered that negative interactions with bosses and coworkers had five times more impact on employees' moods than positive interactions. This 'bad is stronger than good' effect holds in nearly every other setting studied, from romantic relationships to group effectiveness." Catalytic leaders need to bring about change by focusing on what competency gaps need to be filled in their organizations.
True
T or F: Strategic thinking is balancing the past, present, and future, and future after next. Strategy is powered by the determination to achieve a unique position that is expected to provide a competitive advantage for the future. Conventional strategic thinking focuses on low-cost or differentiation models. This thinking is prevalent in the red ocean of competition, where products become incrementally more and more similar, causing the basis for competition to become more commodity-like and price-sensitive.
True
T or F: Technology can be used for enhancing innovation capability. Technology can enable a virtual explosion in available knowledge on multiple levels. The Internet is the digital pipeline for businesses, enabling them to be versatile, and more valuable than ever before.
True
T or F: Technology can enable mass customization ultimately markets for a single person. Markets are not made up of people wanting the same thing-and there is an underlying challenge to meet their demands for variety and increasing customization. There has always been a market for personalized custom made goods-and similarly custom configured services-for example, personal shoppers, personal travel agents, and personal physicians. Mass customization through personalization enables customer lock-in.
True
T or F: The blue ocean strategy is based on creating new markets and new customers by making the competition irrelevant. The Blue Ocean strategy is a way of strategic thinking that encourages you to use the innovation competencies to think about the future and the future after next. Instead of competing in the red ocean of relentless struggles of hyper-competition, why not create a new blue ocean where you can navigate in less crowded waters?
True
T or F: The combining of ecosystem and strategic thinking enables the thought leader to build a better model for the future. Roger Martin suggests that when you are confronted with opposing models, you can integrate your thinking by choosing the exemplary aspects of each model to create a new model rather than being forced to choose one model over another
True
T or F: The five leadership rings describe how to reach the catalytic leadership level. The leader must develop the skills to advance as they progress from the innermost ring to the outermost ring. The innermost ring is a blend of character and competence. You need both. Once the emerging leader has mastered the self-management anchored in these skills, they can progress outward in the rings.
True
T or F: The inability to function effectively in any new position can be explained using the school of experience theory. Morgan McCall conceived the school of experience theory, which argues that one can predict whether or not a person can effectively solve a problem they have in the present based on whether they had learned to solve a similar problem in the past.
True
T or F: The mark Coca-Cola is said to be the most valuable trademark in the world, worth over $77 Billion
True
T or F: The results from a 2013 survey of executives and managers, conducted by the MIT Sloan Management Review and Capgemini Consulting, indicate that most CEOs are not providing leadership in the use of digital technology to empower significant improvements for their organizations. The respondents included 1,559 people from 106 countries, representing small and large organizations across the business spectrum. The survey results suggest that there is a high need for digital transformation, but low will to act. Seventy-eight percent of respondents report that digital transformation is critical to their organization's future, while 39% indicate the major obstacle is that there is no urgency or "burning platform." Only 38% of the respondents believe that a digital transformation is a priority of the leadership.
True
T or F: Where there is low execution and a high co-innovation challenge, there is a minimal first mover advantage because your partners must have their solutions in place to be successful. The ecosystem dynamics result in the value proposition being unfulfilled, because the first firm to overcome its execution challenge needs to wait for others. Being first does not matter if the co-innovations are not in place at the right time.
True
T or F: While on hiatus and trying to capture his surfing activities in Australia and Indonesia on film, Nicholas Woodman used a 35mm camera attached to the palm of his hand by a rubber band. Seeing that amateur photographers who wanted to capture quality action photos of their activities had difficulties because they either could not get close enough to the action, or obtain quality equipment at accessible prices. His trip became his inspiration to found GoPro
True
