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Key Terms
Key Terms
Innovation Questions
Innovation Questions
Miscellaneous Definitions
100

What is the work towards innovation and introduction of new products?

Research and Development

100

the formulation or discovery of new ideas for products or processes

Invention

100

Give an example of competitive advantage

Cheaper products

100

What is an example of customer loyalty?

iPhone users. sticking to buying iPhone

100

a group of people who are asked about their attitude towards a product, service, advertisement, or new style of packaging

Focus group

200

the practical application of new inventions into marketable products

Innovation

200

legal right to be the sole producer and seller of an invention for a certain period of time

patent/copy right

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