Exam

Question 1

Porter Five Forces

Answer 1

Threat of entry barriers
Threat of substitutes
The power of buyers have over us
The power of suppliers
Competitive Rivalry

Question 2

PESTEL Analysis

Answer 2

Political
Economical
Sociocultural
Technological
Environmental
Legal

Question 3

Environment scan

Answer 3

Internal Analysis

External Analysis

Question 4

Types of Intellectual Property

Answer 4

Patents
Copyrights
Trade marks
Design rights
Registered designs

Question 5

Patents

Answer 5

inventions and products, e.g. machines and machine parts, tools, medicines

Question 6

Copyrights

Answer 6

Design copyright protects the original expression of ideas not the ideas themselves
literary works (including writing), art, photography, films, TV, music, web content, sound recordings.

Question 7

Trademarks

Answer 7

> Trademarks are used to distinguish goods and services of one trade from those of another.
A trademark can be a letter, number, word, phrase, sounds, smell, slogan, logo, picture, aspect of packaging or any combination of these.

Question 8

Design rights

Answer 8

shape of objects.

Question 9

Registered designs

Answer 9

appearance of a product including, shape, packaging, patterns, colours, and decoration.

Question 10

IP Pros

Answer 10

IP promotes innovation

Question 11

IP Cons

Answer 11

Legal prohibition of competition
Unseen effects: opportunity cost
Patent trolls

Question 12

Innovation Types

Answer 12

Sustaining Innovation

Disruptive Innovation

Question 13

Sustaining Innovation

Answer 13

Innovation within existing markets which leads to:

1) Incremental improvements
2) Repeat customers
3) No behavioural change

Question 14

Disruptive Innovation

Answer 14

Innovation that creates new markets and leads to:

1) New customers
2) Often niche markets
3) Radical behavioural changes

Question 15

Business model

Answer 15

Method for doing business by which a

venture can generate revenue

Question 16

Market Research Types

Answer 16

1) Quantitative

2) Qualitative

Question 17

Quantitative Market Research

Answer 17

Age, Sex, Location, Income, etc.

Question 18

Qualitative Market Research

Answer 18

1) Findings not subject to quantification.
2) To examine attitudes, feelings, and motivations
3) To find statistically significant differences

Question 19

Value Proposition

Answer 19

Proposal of value to consumer by

company

Question 20

Market Segment

Answer 20

1) To whom and for what purpose is the
product useful?
2) How is revenue generated?

Question 21

Value Chain

Answer 21

Sequence of activities and information

required to allow a company to Design, Develop, Produce, Market, Deliver, Support

Question 22

Market Research

Answer 22

The processes for identifying and
anticipating customer requirements, in
order that they can be satisfied
profitably

Question 23

Marketing research process

Answer 23

1) Specifying the problem
2) Generating the research activity
3) Data collection
4) Analysis and interpretation of the findings
5) Reporting the findings and conclusions