24 Questions
What is knowledge in the context of technology and innovation?
Theoretical or practical understanding of a subject
What is an example of innovation?
Personal computers
What is one of the rationales for mergers and acquisitions in R&D?
To achieve greater economies of scale
Which sector is labor-intensive and tends to use technology for incremental process improvements?
Textile and clothing
What is a driver of productivity improvements?
Technology
What is basic research?
Mainly to acquire new knowledge
What is the primary benefit of Information and Communication Technologies in financial services?
Accelerating processing times
What is an example of applied research?
Investigating the usefulness of innovations to medicine technology
What is the purpose of Computer-Aided Manufacturing?
To determine the steps needed to produce a product
What is the primary advantage of holding minimal inventories in Supply Chain Management and JIT?
Tying up less cash
How can technological improvement be achieved?
Through targeted R&D projects
What is a benefit of having in-house R&D facilities?
Full control over projects
What is the result of integrating Computer-Aided Design and Computer-Aided Manufacturing?
Computer-Integrated Manufacturing
What is a potential drawback of having in-house R&D facilities?
Can be slow and inward-looking
What is the primary benefit of Flexible Manufacturing Systems?
Increasing production flexibility
Which of the following is NOT a generic technology?
Financial Services
What is one of the benefits of just-in-time production?
Cutting the costs of inventories
What is one of the ways airlines use the WWW?
To make reservations, buy tickets online, and more
What is the issue raised by companies storing information about individuals from their transactions?
Privacy
What do credit/debit or loyalty cards show?
What you purchased, where, and when
What is one of the recent developments in technological environment?
Business use of WWW
What do universities use the WWW for?
Only for distance learning
What is one of the benefits of using the WWW for business?
Enabling people to communicate anywhere quickly
What is one of the ethical problems raised by technologies?
Cloning
Study Notes
Mergers and Acquisitions
- Mergers can achieve greater economies of scale in R&D, as seen in the examples of Glaxo Welcome and GlaxoSmithKline.
National Differences in R&D
- R&D spending varies by country, with data available from UNESCO.
Sectoral Differences in Technology
- Not all businesses use technology to the same extent, and its importance varies by sector.
- Five leading sectors in technology include Pharmaceuticals, IT hardware & software, electronics & electrical goods, automotive, and retailing.
- Textile and clothing industries are labor-intensive and tend to use technology for incremental process improvements.
Top Companies in R&D
- The top companies in R&D can be found in the Global Innovation 1000 study by PwC.
Generic Technologies
Information and Communication Technologies
- Had a major impact on financial services, enabling the capture, storage, manipulation, and retrieval of information.
- Accelerated processing times and enabled corporate databases to store massive amounts of data.
Advanced Manufacturing Technology
- Computer-Aided Design (CAD) enables design and viewing of products from every angle before production.
- Computer-Aided Manufacturing (CAM) determines the steps needed to produce a product and monitors quality.
- Computer-Integrated Manufacturing (CIM) integrates CAD and CAM, and Flexible Manufacturing Systems (FMS) allow for computer-controlled equipment to produce a variety of goods.
Supply Chain Management and JIT
- Holding inventories ties up cash, and Just-In-Time (JIT) systems aim to produce and deliver products just in time to meet customer demand.
Knowledge, Technology, and Innovation
- Knowledge refers to theoretical or practical understanding of a subject.
- Technology refers to the application of knowledge into practical forms.
- Innovation refers to changes to existing systems or new things used in a new context.
Impact of Technology
- Technology leads to new products, variety, and lower prices, but can also lead to job loss and create new jobs requiring new skills.
Types of Research and Development
- Basic research aims to acquire new knowledge without a particular end use in mind.
- Applied research investigates the usefulness of innovations with a specific application in mind.
How to Have Technological Improvement
- Technological improvement can be achieved through targeted R&D projects, in-house facilities, collaborative projects, and linking with suppliers.
Business Use of World Wide Web
- Airlines use the web for reservations, ticketing, and customer services.
- Companies use the web to showcase products and enable customer comparisons.
- Universities use the web for distance learning, and businesses use it for communication.
Recent Developments in Technological Environment
- Recent developments in technology can be found in online sources, such as YouTube videos.
Technology and Ethics
- Technology raises ethical issues, such as privacy concerns, data storage, and cloning.
- Companies store information about individuals from their transactions, and credit/debit or loyalty cards show purchase history.
This quiz covers mergers and acquisitions, including examples and rationales, as well as national and sectoral differences in research and development and technology.
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