Key Terms
Key Terms
Innovation Questions
Innovation Questions
Miscellaneous Definitions
100
the scientific research and technical development of new products and processes
What is Research and Development
100
the formulation or discovery of new ideas for products or processes
What is invention
100
Give an example of competitive advantage
Example: Dyson’s “dual cyclone” technology has made it a leader in its field
100
What is an example of customer loyalty?
Example: Microsoft’s continuous updates keep customers loyal to the brand
100
a group of people who are asked about their attitude towards a product, service, advertisement, or new style of packaging
What is a focus group
200
the practical application of new inventions into marketable products
What is innovation
200
legal right to be the sole producer and seller of an invention for a certain period of time
What is a patent
200
The nature of the industry
What is a factor affecting innovation
200
True or False: If managers are optimistic about the future, they will invest more in R&D
True
200
producing items in a continually moving process. Also known as line production
What is flow production
300
legal right to protect and be the sole beneficiary from artistic and literary works
What is a copyright
300
a distinctive name, symbol, motto or design that identifies a business or its
What is a trademark
300
This is needed for effective R&D
What is finance
300
Fill in the blank: Substantial cost advantages can be attained by ________, therefore slashing the cost of making the product
What is innovating
300
when the demand for a business's products exceeds production capacity
What is capacity shortage
400
new, marketable products such as the Apple iPad
What is product innovation
400
new methods of manufacturing or service provision that offers important benefits
What is process innovation
400
Can sometimes outweigh the potential commercial benefits
What are ethical issues
400
A country being linked to scientific and technological breakthroughs
What is prestige?
400
deliberately undercutting competitor's prices in order to try to force them out of the market
What is predatory pricing
500
refers to creations of the mind such as inventions, literary and artistic works and symbols, names, images and designs used in business
What is intellectual property
500
legal property rights over the possession and use of intellectual property
What is an intellectual property right
500
This sets a business apart from its competitors which leads to increased sales
What is a property right
500
What are new Coca-Cola and disposable paper clothing examples of?
What is innovation
500
marketing a new product in a geographical region before a full-scale launch
What is test marketing
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