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MGMT 478 > ENTSP 320 exam #1 > Flashcards

ENTSP 320 exam #1 Flashcards

1
Q

Cashless Payment Systems
 Faster, safer and more efficient digital transactions
Faster, safer and more efficient digital transactions
 Broader reach of digital financial infrastructureBroader reach of digital financial infrastructure
(Transferwise vs. Bank wire or Western Union)(Transferwise vs. Bank wire or Western Union)
 Emergence of new digital currenciesEmergence of new digital currencies
** Bitcoin, Facebook Libra, etc.Bitcoin, Facebook Libra, etc.
 Emergence of new digital payment providersEmergence of new digital payment providers
** AmazonPay, AliPay, Apple Pay, Google Pay, etc.AmazonPay, AliPay, Apple Pay, Google Pay, etc

A

Advancements in financial systems

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2
Q

Comparative advantages through
international trade (old idea!)international trade (old idea!

Enable Just-In time Production

Highly cost efficient (Example: UPS vs LH Cargo; Container Shipping)(Example: UPS vs LH Cargo; Container Shipping)

** Faster and broader reach (e.g., merchant marine)(e.g., merchant marine)

** Highly reliable, predictable and punctualH (e.g., constant GPS)(e.g., constant GPS)

** Improved import and customs procedures (EU; NAFTA; but Brexit)(EU; NAFTA; but Brexit)

** Environmental concerns of all the shipping?
Key Current Socio-Technological Trends

A

Advancements in logistical systems

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3
Q
  1. Parts arrive via truck from supplier in crates ready for assembly
  2. crates are hauled directly to assembly line )-no storage)

3.. challenge: requires close synchronization of parts delivery and production process

  1. advantage: eliminates warehouse and inventory costs
A

Advancements in production systems (“just in time” systems)

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4
Q

accelerate innovation

rapid prototyping technologies

virtual prototyping

mitigate risks, iterate more rapidly

drives growth and competitive advantages

A

Advancements in prototyping (3D printing)

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5
Q

product life cycle matrix: question marks, stars, cash cows, dogs

A

Boston Consulting Group matrix (question marks, stars, cash cows, dogs)

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6
Q

at maturity stage providing company with cash and profits and require less investment

strong market share, low growth rate

A

cash cows

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7
Q

high growth rate, strong market share
become cash cows

A

stars

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8
Q

in introduction stage with uncertainty

weak market share, high growth rate

want to become stars

A

question marks

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9
Q

weak market share, low growth rate

decline stage

A

dogs

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10
Q

clear goals

strong leadership

effective communication

trust and respect

accountability

adaptability

innovation and creativity

A

Characteristics of high-performance teams

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11
Q
  1. Step 1: Identify potential competitors based on competing products
  2. Step 2: Identify top 3-5 competing products/competitors
  3. Step 3: Collect Additional Deeper info for these 3-5 competing products
  4. Step 4: Re-analyzee based on “deeper” product/competitor data
  5. Step 5: Assess strength and weaknesses for each product/competitor
A

Competitor/competing product analysis

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12
Q

need conflict management to avoid conformity **

A

Conflict management/resolution strategies

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13
Q

used as conflict avoidance
allows others to feel pressured not to share their own thoughts

A

Conformity/peer pressure

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14
Q

overall market size
market segment
customer characteristics (including price sensitivity )

  • production
  • marketing
  • distribution channels

Who the customers are
Where the customers are
How the customers behave and feel

evaluate market-segment attractiveness

Identify initial target markets

A

Customer/market segment analysis

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15
Q

protection granted to the unique visual qualities of a manufactured item; in other words design patents provide protection for the ornamental aspect of an item’. Protection for the distinct look of a product; these patents have a term of 14 years from application

A

Design Patent

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16
Q

lowered barriers to market entry

accelerated innovation cycles

shift in business models (sharing economy, subscriptions, platform based businesses)

customer empowerment

data driven decision making

globalization and remote work

erosion of traditional revenue streams

A

Disruptive effects of digitalization and the internet

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17
Q

more diversity = more creativity

more diversity = greater conflict

A

Diversity and creativity of R&D project teams

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18
Q

reduces redundancy ***
efficiency
experitise and quality
increased motivation

lack of flexibility
dependency issues
communication barriers

A

Division of labor (specialization advantages, coordination challenges)

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19
Q

changed from first to invent in 2013
Simpler to establish
More trust in granted patents
Consistent with other countries

A

First to file

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20
Q

Microsoft project tool progress chart

project schedule with milestones

A

GANTT Chart

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21
Q

Sufficient resources for very large innovative projects

Sufficient resources for very risky projects

Potential to accumulate very deep internal knowledge and capabilities over time

A

Innovation advantages of large and established companies

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22
Q

Legally protected exclusive rights to an invention, commercial symbol, and other outcomes of creative work
Types of intellectual property rights:
Patent
Trade Secrets
Trademark
Copyright

A

Intellectual property (IP)

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23
Q

more advanced manufacturing

digital transfromation

sustainable manufacturing

reshoring and nearshoring

collaborative ecosystems

lean practices

A

Manufacturing trends in North America

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24
Q

a necessary component of successful invention commercialization

Stage 1: get first customers and grow customer base

Stage 2: deal with increasing competition

Established firms can be highly effective “secondary movers”

A

Market entry: “Best beats first”

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25
Q

top-down approach: start with total market and narrow down)

Bottom up approach (analyze specific customer segments and focus on their needs

competitive analysis
analyze competitors market share, data and such to learn about the market size

A

Market estimates for new products

26
Q

Customer characteristics
… including price sensitivity (

A

Market segment characteristics/dimensions

27
Q

North American Industry Classification System codes, are used to classify business establishments into specific industries for the purpose of data collection, analysis, and reporting. These codes are used primarily by government agencies, businesses, researchers, and other organizations to facilitate the comparison of economic statistics across different

A

NAICS codes

28
Q

Provisional patent application (cheap, fast)

  • Simple description of the invention (“sufficiently detailed”)
  • Protects “filing date” against later similar inventions by others
  • No substantive evaluation by patent office
  • No public disclosure
  • Permission to use the term “patent pending”
  • Only 1 year then must file for patent

Patent application (expensive, slow)
- Formal patent claims, inventors’ oaths, disclosure statements
- Requires no prior public disclosure (important)
- Non-Disclosure Agreements (NDAs)

A

Patent application process (expenses, processing time)

29
Q

Unified procedure to file patents in each of 152 participating countries
However, requires follow-up with each country separately to obtain the country’s patent
Separate fees in each country

A

Patent Cooperation Treaty (PCT)

30
Q

Territorial:
- litigation conducted within the jurisdiction the patent is granted

Expenses:
- extremely expensive with legal fees, expert witnesses and discovery.
ARE COMPLEX

Time Frames:
- depends on complexity
-can drag on for several years

A

Patent litigation (territorial limits, expenses, time frames)

31
Q

increasing worldwide

china has most, then USA then Japan

A

Patent trends

32
Q

Legal right to exclude others from making, using, or selling an invention for a limited period of time in exchange for publishing an enabling disclosure of the invention.

Granted by governmental patent offices based on patent application evaluation that the invention is new, useful, nonobvious, enabled and clearly described.

Limits:
public disclosure to competitors
expenses
legal cost
slow litigation process
territorial limits

Benefits:
protection
strong market position
recovery of innovation investments
option to license or sell
positive company image

A

Patents (definition, types, benefits, limits)

33
Q

conflict avoidance and peer pressure is the opposite of diverse thinking. Distrust the conformity of others

A

Peer pressure and team creativity/decision quality

34
Q

These patents are awarded for newly discovered plant varieties and last for 20 years from application

A

Plant patent

35
Q

using Boston Consulting Matrix

allows to predict future portfolios

A

Portfolio analysis techniques

36
Q

align with corporate strategy

balance risk and return

foster culture of entrepreneurship

prioritize high-impact projects

cross-function collaboration

A

Portfolio management of R&D projects

37
Q

Project team meets one more time after task completion

To identifying “lessons learned”

To transfer “lessons learned” to future projects (e.g., management information systems)

A

Post-mortem meetings

38
Q

primary: data you collect

Secondary: data someone else collects

A

Primary vs secondary data

39
Q

push systems

strategies require forecasting and planning

  • Forecasting to predict relevant changes
  • Planning to adjust to forecasted changes in advance
A

Proactive business strategies

40
Q

market introduction phase (question marks)

Growth phase (stars)

Maturity phase (cash cows)

Decline phase (dogs)

A

Product life cycle

41
Q

project management is a dynamic “balancing act” that requires constant adjustments and attention to changes.

A

Project management challenges

42
Q
  1. start/end on time
  2. come prepared
  3. stay focused
  4. listen actively
  5. one-person speaks at a time
  6. use constructive language
  7. follow agenda
  8. let everyone talk
  9. summarize
  10. provide feedback
A

Project meeting ground rules

43
Q

celebrate milestones for positive momentum ***

A

Project milestones

44
Q

Components:
- Project Scope
- Project Milestones and Outcomes
- Project Team and Key Resources
- Project Tasks, Activities and Schedule
- Budget/Investment/Financials
- Critical Risk Assessment

A

Project plan (components, pros and cons)

45
Q

Evaluate identified risks
Qualitative analysis
Cheap and fast
Expert judgements of probability: likely / moderately likely / unlikely
and expected damage: small / medium / substantial / high

Quantitative Analysis for significant risks

Develop risk responses
Develop risk management plan (execute, monitor and adjust)

A

Project risk analysis (qualitative and quantitative)

46
Q

Objective:
Specify exact activities and desired outcomes
Challenge for innovative projects:
Uncertainty of new task to produce novel outcomes
Frequently unanticipated events
Need for adjustments and changes in scope

A

Project scope definition (importance, pros and cons)

46
Q

better to have frequent short meetings

start meetings with project status report

agenda-driven meetings focused on coordination & discussion issues relevant for everybody

A

Project scheduling

47
Q

Define activities
- Decompose project into separate
subtasks

Develop and optimize project schedule
- Determine sequence and duration of
subtasks
- Create project schedule with
milestones (GANTT, CPM, PERT)
- Add details as task execution
approaches (= rolling wave planning)
- What-if scenario analysis (simulate
possible events)
- Crashing and Fast tracking (options of
speed up by using additional
resources or perform tasks
simultaneously)

Monitor and adjust project schedule

A

Project time management

48
Q

Simple description of the invention (“sufficiently detailed”)

Protects “filing date” against later similar inventions by others

No substantive evaluation by patent office

No public disclosure

Permission to use the term “patent pending”

Only 1 year then must file for patent

A

Provisional patent application

49
Q

Mercedes Benz partners with Google (software), Luminar (sensors), Nvidia (chips) to develop driving assistance systems for cars (since Feb 2023).

Potential Challenges
- Imbalance and changes in partners commitment and contributions

  • Need for integration and coordination of R&D activities across forms (e.g., different cultures and management styles)
  • Require solid leadership and patience especially in early stages

Exit and Termination Strategies
- Ownership of jointly generated intellectual property

  • Continued protection of confidential information
  • Ownership of any future income from joint activities
  • Responsibility for continuing liabilities from joint activities
A

R&D collaborations (types, benefits, challenges, exit strategies

50
Q

strategies require organizational alertness, flexibility and improvisation
Alertness to detect relevant changes
Flexibility and Improvisation to adjust to detected changes

pull strategy

A

Reactive business strategies

51
Q

often a major concern of team members … but conflict is also a key contributor to team success.

confronting
compromising
smoothing
forcing
avoiding

A

Team conflict (how to manage)

52
Q

Forming (first meets)

Storming ( compete for status)

norming (begin to work more effectively

performing (functioning at high level)

adjourning (stage coming to an end)

A

Team development stages

53
Q

leader

facilitator

mentor

coordinator

communicator

mediator

A

Team management roles

54
Q

Any formula, pattern, physical device, idea, process, or other information that a firm actively tries to keep secret from competitors
Federal Economic Espionage Act (1996) criminalizes the theft of trade secrets

A

Trade secrets

55
Q

horizontal diversification (expandning product line)

vertical diversification ( expanding further into supply chain)

lateral diversification (expanding into completely new industries)

international diversification

A

Types of corporate diversification (not, conglomerate, concentric)

56
Q

strengths:
1. encourage innovation
2. protection of IP
3. Promotion of economic growth
4. International recognition

Weaknesses:
1. Provisional patent applications (“blindsides” inventors)
2. Back-lock of patent applications (delayed patent protection)
3. Globalization (only territorial protection, except EU, NAFTA)
4. Limited quality of novelty evaluation by patent offices (e.g., US) (uncertainty of patent protection) [example next slide]
5. Enforceability
6. predatory use or abuses

A

US patent system (current strength and weaknesses)

57
Q

These are granted for new products, processes, machines or compounds and extend up to 20 years from the date of application.

A

Utility patent

58
Q

Which of the following statements about corporate entrepreneurship do you consider true?

A

Can support both incremental and radical innovations

59
Q

In the video about the Tijuana drone factory, Chris Anderson designed, produced and sold drones with a young Mexican business partner. The company became a major player in the commercial drone industry. Where and how did Chris meet this business partner?

A

Through a drone-community website Chris had created

60
Q

Based on our class discussion, what is an additional characteristic that corporate entrepreneurs need to be successful compared to entrepreneurs who are engaged in starting their own new firm?

A

A deep understanding of the firm they work for

61
Q

. The reading “How Management Teams Can Have a Good Fight” suggested various solution strategies to enable constructive team conflict. Which of the following was NOT one of the recommended solution strategies?

A

avoid humor

MGMT 478 (3 decks)

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