Elect 1- 1st exam

Question 1

Advances in ___ also have played a role in speeding the pace of innovation.

Answer 1

Information technology

Question 2

The act of introducing a new device, method, or material for application to commercial or practical objectives.

Answer 2

Technological Innovation

Question 3

Introducing new products helps firms protect their margins, while investing in process innovation helps.

Answer 3

lower their cost

Question 4

Have made it easier and faster for firms to design and produce new products, while flexible manufacturing technologies have made shorter production runs economical and have reduced the importance of production economies of scale

Answer 4

Computer aided design and computer aided manufacturing

Question 5

These technologies help firms develop and produce more product variants that closely meet the needs of narrowly defined customer group, thus achieving differentiation from

Answer 5

competitor’s

Question 6

Product life cycle for software

Answer 6

4 to 12 months

Question 7

Product life cycle for computer hardware and electronics

Answer 7

12 to 24 months

Question 8

Product cycle for large home appliances

Answer 8

18 to 36 months

Question 9

The total annual output of an economy as measured by its final purchase price

Answer 9

Gross domestic product

Question 10

Is a structured process that guides organizations through a structured process of idea generation, concept development, feasibility analysis, prototype development, testing market launch, commercialization, and ongoing monitoring and iteration.

Answer 10

Innovation funnel

Question 11

Costs (or benefits)
that are borne
(or reaped) by
individuals
other than those
responsible
for creating
them.

Answer 11

externalities

Question 12

The practical
implementation
of an idea into
a new device or
process

Answer 12

Innovation

Question 13

Something imagined or pictured
in the mind

Answer 13

Idea

Question 14

The ability to
produce novel
and useful work.

Answer 14

creativity

Question 15

A private
network, accessible only to
authorized
individuals.

Answer 15

Intranet

Question 16

Research targeted
at increasing
scientific knowl
edge for its own
sake. It may or
may not have
any long-term
commercial
application

Answer 16

basic research

Question 17

Research targeted
at increasing
knowledge for a
specific application or need.

Answer 17

applied
research

Question 18

Producers of
complementary
goods or services
(e.g., for video
game console
producers such
as Sony or
Nintendo, game
developers) are
complementors

Answer 18

complementors

Question 19

The ability of
an organization
to recognize,
assimilate, and
utilize new
knowledge.

Answer 19

absorptive
capacity

Question 20

Offices designed
to facilitate the
transfer of tech
nology developed
in a research
environment to
an environment
where it can be
commercially
applied.

Answer 20

technology
transfer
offices

Question 21

Regional dis
tricts, typically
set up by govern
ment, to foster
R&D collaboration between
government,
universities, and
private firms.

Answer 21

science parks

Question 22

Institutions
designed to nurture the development of new businesses that
might otherwise
lack access to
adequate funding or advice.

Answer 22

incubators

Question 23

Knowledge
that has many
underlying
components,
or many inter
dependencies
between those
components, or both

Answer 23

complex knowledge

Question 24

Regional clusters
of firms that have
a connection to a
common technol
ogy, and may
engage in buyer,
supplier, and
complementor
relationships, as
well as research
collaboration.

Answer 24

technology cluster

Question 25

Knowledge that cannot be readily codified (documented in written form)

Answer 25

Tacit knowledge

Question 26

Individuals or organizations that transfer information from one domain to another in which it can be usefully applied.

Answer 26

knowledge brokers

Question 27

The benefits firms reap by locating in close geographical proximity to each other

Answer 27

agglomeration

Question 28

A positive externality from R&D resulting from the spread of knowledge across organiza tional or regional boundaries.

Answer 28

technological spillovers

Question 29

The path a technology takes through its lifetime. This path may refer to its rate of performance improvement, its rate of diffusion, or other change of interest.

Answer 29

technology trajectory

Question 30

builds on existing knowledge and skills whereas a competence destroying innovation renders existing knowledge and skills obsolete

Answer 30

competence enhancing and competence destroying innovation

Question 31

An innovation that makes a relatively minor change from (or adjustment to) existing practices.

Answer 31

incremental innovation

Question 32

An innovation that is very new and different from prior solutions

Answer 32

radical innovation

Question 33

An innovation that changes the overall design of a system or the way its com ponents interact with each other.

Answer 33

architectural innovation

Question 34

An innovation to one or more components that does not significantly affect the overall configuration of the system.

Answer 34

component (or modular) innovation

Question 35

The spread of a technology through a population.

Answer 35

Technology diffusion

Question 35

A technology that fulfills a similar market need by building on an entirely new knowledge base.

Answer 35

discontinuous technology

Question 36

A product design that is adopted by the majority of producers, typically creating a stable architecture on which the industry can focus its efforts.

Answer 36

Dominant design

Question 37

When the rate of return (not just gross returns) from a product or process increases with the size of its installed base.

Answer 37

increasing returns

Question 38

The ability of an organization to recognize, assimilate, and utilize new knowledge.

Answer 38

absorptive capacity

Question 39

Also termed positive consumption externalities, this is when the value of a good to a user increases with the number of other users of the same or similar good

Answer 39

network externalities

Question 40

The number of users of a particular good. For instance, the installed base of a particular video game console refers to the number of those consoles that are installed in homes worldwide.

Answer 40

installed base

Question 41

Additional goods and services that enable or enhance the value of another good. For example, the value of a video game console is directly related to the availability of complementary goods such as video games, peripheral devices, and services such as online gaming.

Answer 41

Complementary goods

Question 42

When end results depend greatly on the events that took place leading up to the outcome. It is often impossible to reproduce the results that occur in such a situation.

Answer 42

path dependency

Question 43

The degree to which a system’s components can be separated and recombined.

Answer 43

modularity