Business Strategies and Innovation Concepts

Strong dependence on external sources of innovation and erosion of internal resources.

A joint venture involves creating a new business entity that is legally separate from its parents, while a cooperative alliance is an agreement to collaborate in specific value-chain activities without forming a new entity.

Outsourcing is the procurement of services or products from another firm instead of producing them in-house.

<p>Strategic alliances help diffuse and reduce risks and costs associated with collaboration.</p> Signup and view all the answers

<p>Partner selection can be a disadvantage, as selecting the wrong partner may lead to trust issues and hinder the success of the alliance.</p> Signup and view all the answers

<p>The mature phase is characterized by incremental innovation and extensive competition among firms.</p> Signup and view all the answers

<p>Mature industries tend to focus on 'pull' strategies, responding to different market needs through incremental innovation.</p> Signup and view all the answers

<p>Disruption in mature industries can occur when incumbent companies' products are displaced by cheaper versions from competitors.</p> Signup and view all the answers

<p>The two extreme points of innovation are radical innovation and incremental innovation.</p> Signup and view all the answers

<p>Radical innovation establishes a new dominant design and involves major technological discoveries that cause non-linear changes.</p> Signup and view all the answers

<p>Incremental innovation involves improvements in existing designs while maintaining the underlying core concepts and linkages.</p> Signup and view all the answers

<p>Radical innovation can lead to technological saturation and major shifts in how technologies are utilized.</p> Signup and view all the answers

<p>New industries often face a 'push' demand characterized by solutions looking for a problem.</p> Signup and view all the answers

<p>The four key elements are the innovation itself, the communication channel, time, and the social system.</p> Signup and view all the answers

<p>Innovators are the first 2.5% of adopters who are adventurous and comfortable with complexity and uncertainty.</p> Signup and view all the answers

<p>Early adopters comprise 13.5% of adopters, are well integrated into their social systems, and often influence others with their opinions.</p> Signup and view all the answers

<p>The late majority, comprising 34% of the population, approaches innovation skeptically and may adopt only under peer pressure.</p> Signup and view all the answers

<p>Laggards, making up 16% of adopters, rely on past experiences and are highly skeptical of innovations, seeking assurance before adopting.</p> Signup and view all the answers

<p>Communication channels are critical as they determine how information about the innovation is shared among potential users.</p> Signup and view all the answers

<p>Timing is important because even a high-quality innovation may not succeed if the market or community is not ready for it.</p> Signup and view all the answers

<p>Innovators and early adopters are more open to experimentation and new technologies, while later adopters prefer reliable and proven products.</p> Signup and view all the answers

<p>They might resist because the new technology requires investments in new competences that they do not possess.</p> Signup and view all the answers

<p>Organizational culture can either support or hinder technology adoption, depending on whether it is traditionalist or proactive.</p> Signup and view all the answers

<p>A market failure occurs when the market is unable to detect the value of an innovation, allowing inferior technologies to prevail.</p> Signup and view all the answers

<p>Network externalities refer to the situation where the benefits of adopting a technology depend on its compatibility with existing systems and the availability of complementary goods.</p> Signup and view all the answers

<p>Resistance to change can slow down the adoption of new technologies as stakeholders prefer to maintain their normal routines.</p> Signup and view all the answers

<p>Pharmaceutical companies may be cautious because they need to determine which emerging technologies will become dominant, leading to potential resource misallocation.</p> Signup and view all the answers

<p>Factors include the autonomous value of the innovation being insufficient and institutional pressures that influence decisions.</p> Signup and view all the answers

<p>Adapting to previous technologies can create a reliance on outdated systems, making stakeholders less willing to transition to newer, potentially better solutions.</p> Signup and view all the answers

<p>To gather substantial and reliable information on the safety and effectiveness of a treatment.</p> Signup and view all the answers

<p>Post-marketing surveillance begins as part of the pharmacovigilance process.</p> Signup and view all the answers

<p>Because each stage varies in duration, scope, investment requirements, and probability of success.</p> Signup and view all the answers

<p>Failures can occur at any point in the pipeline, influenced by various factors over time.</p> Signup and view all the answers

<p>Adoption often occurs in a complex context where decision-makers may be influenced by peer pressure.</p> Signup and view all the answers

<p>Choices are made jointly with others, often influenced by peer pressure or formal requirements.</p> Signup and view all the answers

<p>They make decisions based on their power, status, or expertise.</p> Signup and view all the answers

<p>To obtain marketing and distribution approval based on gathered evidence of safety and efficacy.</p> Signup and view all the answers

<p>A patent is a property right that protects an invention, providing the owner exclusive rights to a new and useful product, process, substance, or design.</p> Signup and view all the answers

<p>Substituting one material with another and changing the size of an existing device cannot be patented.</p> Signup and view all the answers

<p>The claim defines the technical details and the scope of protection conferred by the patent, outlining what is being patented.</p> Signup and view all the answers

<p>'Patent pending' indicates that a patent application has been filed but not yet approved.</p> Signup and view all the answers

<p>The active form involves obtaining a patent for exclusive rights to an invention or granting a license to others for a fee.</p> Signup and view all the answers

<p>Patents can be obtained for discoveries that are not immediately marketable to strategically prevent competitors from patenting similar inventions.</p> Signup and view all the answers

<p>A patent typically lasts for 20 years from the filing date.</p> Signup and view all the answers

<p>The detailed disclosure in a patent application could potentially expose the invention to competitors if the patent is not granted.</p> Signup and view all the answers