WPC 470 Moore ASU Final Exam With Correct Questions & Answers
The process by which people undertake economic risk to innovate- to
create new products,
... [Show More] processes, and sometimes new organizations -
Entrepreneurship
Competitive benefits that accrue to the successful innovator - Firstmover advantages
The five different stages; introduction, growth, shakeout, maturity, and
decline, that occur in the evolution of an industry over time - Industry life
cycle
The positive effect (externality) that one user of a product or service has
on the value of that product for other users - Network effects
A form of intellectual property that gives the inventor exclusive rights to
benefit from commercializing a technology for a specified time period in
exchange for public disclosure of the underlying idea - Patent
An enterprise that creates value by matching external producers and
consumers in a way that creates value for all participants, and that
depends on the infrastructure or platform that the enterprise manages -
Platform business
The market environment in which all players participate relative to the
platform - Platform ecosystem
An innovation that was developed for emerging economies before
introduced in developed economies. Sometimes also called frugal
innovation - Reverse innovation
The pursuit of social goals while creating a profitable business - Social
entrepreneurship
Markets where the market leader captures almost all of the market share
and is able to extract a significant amount of the value created - Winnertake-all markets
The goal-directed actions managers take in their quest for competitive
advantage when competing in a single product market - Business-level
strategy
Business level strategy that successfully combines differentiation and
cost-leadership activities using value innovation to reconcile the inherent
tradeoffs - Blue ocean strategy
Generic business strategy that seeks to create the same or similar value
for customers at a lower cost - Cost-leadership strategy
Generic business strategy that seeks to create higher value for
customers than the value that competitors create, while containing costs
- Differentiation strategy
Increases in cost per unit when output increases - Diseconomies of scale
Decreases in cost per unit as output increases - Economies of scale
Savings that come from producing two or more outputs at less cost than
producing each output individually, despite using the same resources and
technology - Economies of scope
Output range needed to bring down the cost per unit as much as possible,
allowing a firm to stake out the lowest-cost position that is achievable
through economies of scale - Minimum efficient scale (MES)
Choices between a cost or value position. Such choices are necessary
because higher value creation tends to generate higher cost - Strategic
trade-offs
A new product which known components, based on existing technologies,
are reconfigured In a novel way to attack new markets - Architectural
innovation
An innovation that leverages new technologies to attack existing markets
from the bottom up - Disruptive innovation [Show Less]