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Honors Business Policy > Chapter 7 - Test 2 > Flashcards

Chapter 7 - Test 2 Flashcards

1
Q

Initial Innovations

A

Foundational for other rapid innovation

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2
Q

Innovation can…

A

create and destroy value

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3
Q

Four I’s

A
  • Idea
  • Invention
  • Innovation
  • Imitation
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4
Q

Idea

A

Abstract concepts or research findings

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5
Q

Invention

A

Transformation of an idea into a product and the modification and recombination of products

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6
Q

Innovation

A

Commercialization of an invention

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7
Q

Imitation

A

Copying a successful innovation

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8
Q

Innovation

A

A Novel and Useful idea that Is successfully
Implemented

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9
Q

Entrepreneurs

A

The process by which change agents undertake economic risk to innovate

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10
Q

What do entrepreneurs do

A
  • Create new products, processes, and organizations
  • Create value for society
  • Commercialize ideas and inventions
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11
Q

Social Entrepreneurship

A

The pursuit of social goals while creating profitable
businesses

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12
Q

Strategic Entrepreneurship

A

Pursuit of innovation using strategic tools and
concepts

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13
Q

The Stages of The Industry Lifecycle

A
  1. Introduction
  2. Growth
  3. Shakeout
  4. Maturity
  5. Decline
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14
Q

The Industry Lifecycle Over Time

A
  • The number and size of competitors change
  • The supply and demand sides of the market change
  • Different competencies are needed for the firm to perform well
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15
Q

Introduction Stage

A
  • Core competency: research and development
  • Barriers to entry are high
  • Strategic objective: market acceptance & future
    growth
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16
Q

Growth Stage

A
  • Demand increases rapidly
  • Product/service standards emerge
  • Product innovation
  • Process innovation
17
Q

Product Innovation

A

New/recombined aspects of a product

18
Q

Process innovation

A

New ways to produce a product

19
Q

Shakeout Stage

A
  • the rate of growth declines
  • firms begin to intensely compete
  • price is an important competitive weapon
20
Q

Maturity Stage

A
  • Only a few large firms remain
  • Demand: replacement or repeat purchases
  • Market has reached maximum size
21
Q

Four strategic options to pursue

A
  1. Exit
  2. Harvest
  3. Maintain
  4. Consolidate
22
Q

Exit

A

Bankruptcy/liquidation

23
Q

Harvest

A

Reduce further investments

24
Q

Maintain

A

Support at a given level

25
Q

Consolidate

A

Buy rivals

26
Q

Decline Stage

A
  • Demand falls rapidly
  • If a breakthrough emerges, it leads to a new
    industry or resets the life cycle
  • Strong pressure on prices
27
Q

The Crossing-the-Chasm Framework

A
  • Technology Enthusiasts (2.5% market segment)
  • Early Adopters (13.5% market segment)
    THE CHASM
  • Early Majority (34% market segment)
  • Late Majority (34% market segment)
  • Laggards (16% market segment)

Honors Business Policy (16 decks)

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