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Exam 7: Business Strategy: Innovation and Entrepreneurship

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Question 31

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When a firm pursues a harvest strategy,it

A) exits the industry by bankruptcy or liquidation.
B) invests significant resources in product innovations.
C) buys out its rivals to strengthen its strategic position.
D) reduces investments in product support.

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Question 32

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Which of the conditions prevail when an industry is at the end of its life cycle?

A) The level of process innovation reaches its maximum as firms attempt to lower cost.
B) The industry structure is perfectly competitive with a large number of buyers and sellers.
C) The strategic objectives of businesses will involve gaining market acceptance.
D) The market reaches its maximum size at this stage.

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Question 33

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As the inventor of hypertension medication,OneSure Pharmaceuticals (OSP) Inc.was able to reap the benefits of economies of scale due to a large consumer demand for the drug.Even when competitors later developed similar drugs after the expiry of OSP's patents,regular users did not want to switch because they were concerned about possible side effects.Which of the following benefits does this scenario best illustrate?

Which of the following key assumptions are innovations like Procter & Gamble's "Connect + Develop" based on?

While cell phones with holographic keyboards are currently in the introduction stage of the industry life cycle,tablet computers are in the growth stage.In the context of this scenario,which of the following statements is true?

Which of the following customer segments as described in the chasm framework make up the mass market?

Which of the following is an example of social entrepreneurship?

How was Netflix able to outperform both Hulu and Amazon?

Researchers at Games First Inc.spent several months coming up with a fun game for toddlers that incorporates a new idea in preschool education.This scenario describes step _____ of the innovation process.

The leading producer of gardening tools,YourGarden Inc,has achieved great success because they produce high-quality tools that are not too expensive.Even so,another company that produces lower-quality tools at the same price has also achieved some success,but not as much as YourGarden.Also,in general,the price of gardening tools has declined because of economies of scale and learning.In addition,YourGarden has added complementary assets,such as gardening instruction.Considering all of these factors,the gardening tool industry is most likely in the

Georgia Ray is the founder of the departmental stores chain,Ether Inc.She ensures that the products in her stores are ethically and responsibly sourced.Most products are therefore 100 percent organic and manufactured from recycled material.Also,her company purchases handicrafts from nonprofit organizations supporting the aged.Georgia's belief is that her company should be able to support the community at large.Which of the following terms best describes Georgia Ray?

The customers entering the market in the growth stage are primarily

A factor favoring the success of disruptive innovation is that

Sara can be categorized under the late majority customer segment.Which of the following behaviors is she most likely to exhibit?

Which of the following statements accurately brings out the difference between closed innovation and open innovation?

The compact disk (CD) industry is in the maturity phase of its industry life cycle.What conditions prevail for an industry in this stage?

DigitalHealth Electronics Inc.is a company that builds diagnostic devices.It was the first company to develop a compact MRI scanner by reconfiguring the components of the MRI technology.This smaller and user-friendly version of the huge MRI scanner created demand from small hospitals,nursing homes,and private practice doctors who were earlier dependent on the scanning machines in large hospitals.Which of the following types of innovations does this scenario best illustrate?

How is the early majority section of consumers different from the late majority section?

At the time when Kevin decided to purchase a tablet computer,the product had just become accessible to the mass market.He purchased the tablet only after he was completely convinced that the benefits it would offer him would far exceed its price.Also,he waited for his friends to try the product and popular gadget television shows to endorse it.Which of the following customer segments does Kevin best represent?

When the market for photo film negatives declined with the arrival of digital cameras,Momento Films Inc.,a manufacturer of film negatives,bought out most of its rivals that were planning to exit.This allowed the company to get rid of all the excess capacity and acquire a monopolistic market power in the declining industry.Which of the following strategies has Momento Films adopted in this scenario?