Exam 4

Question 1

Sustainability in innovation

Answer 1

a resource that is designed and used for human needs while being safe to the environment and protect future generations. This basically means that technology is being used for protecting the environment and for helping people around the world.

Question 2

Corporate social responsibility

Answer 2

when there is a built in organization that is able to monitor the corporations understand of laws, ethical standards, and behavioral norms. Business’ incorporate this into their strategy by recognizing their activities and adjusting what needs to be managed. Corporations should be encouraging community engagement and is one way how corporate social responsibility is used.

Question 3

Reasons for unethical behavior

Answer 3

1) The evaluation systems that are in place for firms and individuals are typically focused on short-termism or the results needed now.
2) The difficulty to translate strategic goals into operational reality.
3) Rationalization of individuals that things will be fine and that their actions have no impact.
4) The pressures from external stakeholders.

Question 4

Gap analysis ( 3 areas it occurs)

Answer 4

seeks to identify the gaps before major problems arise.

1) Where are we compared with where we wanted to be?

2) What lies ahead that can affect us either positively or negatively?
3) Where are we going in the future if we continue on the current path? Is it where we thought we were going when we decided to obtain
the technology externally?

Question 5

Mergers

Answer 5

when two firms combine as relative equals (example, brighthouse turned into specturm).

Question 6

Acquisitions

Answer 6

the outright purchase of a firm or some parts of the firm.

Question 7

Gap Analysis

Answer 7

1) Financial fitness refers to the difference between the desired financial outcomes and those actually produced.
2) Strategic fitness is the ability of the organizations to aligned in their strategic goals.
3) Operational fitness refers to the difference between the desired and actual operational performance.
4) Relationship fitness is the difference between the desired and actual relationships within the firm.

Question 8

Planning

Answer 8

define planning in your own words

Question 9

Implementation

Answer 9

starting to get things done

Question 10

Evaluation and control

Answer 10

evaluation and control test whether the organizations goals are being met and if not, making changes necessary to achieve the goals or amend the goals.

Question 11

Strategic capabilities

Answer 11

• Hypercompetition occurs in a rapidly changing environment where competitive advantage is hard to maintain because competitors imitate the strategies of successful orga- nizations or leapfrog their technology rapidly.
• Creating a sustainable competitive advantage and creating value for key stake- holders is intertwined with the capabilities of the firm.

Question 12

Benchmarking

Answer 12

The firm seeks out the best practices in order to make a better product themselves. A company learns what activities it should imitate

Question 13

Portfolio management

Answer 13

1) Single product – usually for small firms, local markets
2) Product platform – groups of products are related in design, and the way it is manufactured, branded, and distributed
3) Complementary platform – a platform can also be the foundation for new products and processes; greatest power when your product is the foundation for other firms to relay on the product platform

Question 14

Internal innovation

Answer 14

is a process that involves many individuals, capabilities, and resources

Question 15

Learning vs. Knowledge

Answer 15

1) Learning – involves gathering knowledge
2) Knowledge – involves the insights and experiences gained from gathering data and converting that data into information

Question 16

Explicit Knowledge

Answer 16

can be codified or written down

Question 17

Tacit Knowledge

Answer 17

comes from experience and is internal to an individual

Question 18

Interpretive learning

Answer 18

1) occurs in innovative firms
2) recognizes the ambiguity and trial-and-error enactment processes that are used in innovation processes
3) goal is creation of new knowledge and meaning

Question 19

Systemic learning

Answer 19

1) occurs when a firm acquires external technology
2) learning occurs through data collection and analysis processes
3) primary goal is to reduce uncertainty

Question 20

Methods of Looking out into the Future

Answer 20

1) Trend extrapolations
2) Expert consensus
3) Simulation methods
4) Scenario building
5) Decisions trees
6) Hybrid methods