Practice for Contents of Innovation Management

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1. a 6. a 11. c 16. b

2. a 7. b 12. d 17 a

3. b 8. b 13. c 18 c

4. b 9. b 14. c 19 b

5. a 10. d 15. b 20 d

1. As a result of the rapid pace of innovation, the time between a product’s introduction and its withdrawal from the market a. has become shorter.

2. The relationship between speed of innovation and product obsolescence is a. direct (as innovation speed increases, products become obsolete more quickly). 3. The ______ of an economy is its total annual output, measured by final purchase price. b. gross domestic product

4. If you were the director of R&D at a large pharmaceutical company, how might you apply the concept of “the innovation funnel?” b. Encourage more new ideas because it takes thousands of new ideas to come up with one successful new product. 5. A firm’s new product development process should

a. maximize the likelihood of projects being both technically and commercially successful.

6. Out of all the innovative ideas that come forth, how many become successful products? a. Very few

7. Southeaster Athletic Mats, Inc. produces gym mats for school and health clubs. The company recently put a metal box near the time clock and asked employees to submit ideas in writing for improved productivity. It offered $10 for every idea it implemented. This is an example of a(n) b. suggestion box.

8. Which of the following is not true regarding user innovators? b. They have an intention to profit from the sale of their innovation. 9. Which of the following is the correct sequence of steps for the science-push approach to research and development? b. Scientific discovery leads to an invention, the Engineering team designs the product, it is manufactured, and the Marketing team promotes it.

10. The demand-pull approach to research and development refers to d. research and development that originates as a response to the specific problems or suggestions of customers.

11. The president of Mountain Home University has been asked by her board of trustees to set up a mechanism for the commercialization of technology developed at the university. Such a mechanism is typically called a c. technology transfer office.

12. Regional districts that are set up by the government to foster R&D collaboration between government, universities, and private firms are typically called d. science parks.

13. Institutions designed to nurture the development of new business that might otherwise lack access to adequate funding or advice are called c. incubators.

14. _____ is a positive externality of research and development efforts. c. Technological spillover
15. According to studies, which of the following tends to be true of prolific inventors? b. Inventors tend to be curious, and question the assumptions made in a field. 16. Which of the following is not true regarding user innovators? b. They have an intention to profit from the sale of their innovation.

17. Most studies suggest that
a. technological innovation helps to increase a country’s gross domestic product.

18. Which of the following statements about being a successful innovator is most likely to be true? c. You need clearly defined strategies and processes.

19. Technology in its purest form is
b. knowledge to solve our problems and pursue our goals.
20. According to the text, firms that rush headlong into new product development usually d. choose projects that are a poor fit with their resources and objectives.

1. Which of the following is most clearly an example of process innovation? a. A pizza chain is able to develop a method that enables pizzas to be baked in 10 minutes rather than the standard 20 minutes during the late 1980s.

2. Since product and process innovations often occur in tandem, which is most likely to occur first? c. They are both equally likely to be developed...
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