Strat Final

It creates value not only for the businesses but also for consumers.

Platform business

Why do many firms fail to successfully implement a blue ocean strategy?

because they end up being "stuck in the middle," unable to increase value and lower costs at the same time

A struggling retailer seeking to implement a blue ocean strategy is likely to experience difficulty with ______.

cutting costs and increasing value at the same time

A successful blue ocean strategy requires strategists to reconcile the trade-offs between ______.

differentiation and cost-leadership

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

establish a date of the formation of an invention

True or false: Platform businesses are organized as traditional linear pipelines.

false

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

patent

An enterprise that creates value by matching external producers and consumers in a way that creates value for all participants and that depends on the infrastructure that the platform manages is a(n) ______.

platform business

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

What are the advantages of platform businesses over pipeline businesses?

1. They unlock new sources of value creation and supply. 2.They scale efficiently by eliminating gatekeepers. 3. They benefit from community feedback.

In terms of business strategy, blue oceans represent

1. untapped market space 2. increased demand

The business structure that is linear and has producers at one end and consumers at the other is known as a(n) ______.

Pipeline

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

true

A firm that manages to avoid competition entirely by offering a product or service that creates an uncontested

value innovation

It is the traditional system of horizontal business organization.

Pipeline business

Products in the affordable "business-casual" clothing market have largely become commoditized, and most retailers have begun to compete mainly on price rather than product features. In this environment, it is impossible for one retailer to gain market share without another losing it. This is an example of a ______ ocean.

Red

True or False about platform businesses: They can grow faster than pipeline businesses.

True