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Questions and Answers
Developing technology can only lead to financial gain for the company and not for the employees involved.
Developing technology can only lead to financial gain for the company and not for the employees involved.
False
The primary goal of technology management is to monitor the use of technology and enhance it as needed.
The primary goal of technology management is to monitor the use of technology and enhance it as needed.
True
Niche markets do not benefit from technological advancements since they cater to a very specific audience.
Niche markets do not benefit from technological advancements since they cater to a very specific audience.
False
Branding strategies have no influence on the perceived value of technology-based products.
Branding strategies have no influence on the perceived value of technology-based products.
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Intellectual property rights ensure that technology developed in-house rightfully belongs to the firm and its employees.
Intellectual property rights ensure that technology developed in-house rightfully belongs to the firm and its employees.
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Incremental innovations can sometimes lead to radical market changes.
Incremental innovations can sometimes lead to radical market changes.
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The S curve of technology performance always predicts linear growth.
The S curve of technology performance always predicts linear growth.
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Branding strategies are only effective in niche markets and have no impact on mainstream markets.
Branding strategies are only effective in niche markets and have no impact on mainstream markets.
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Intellectual property rights guarantee success in technology markets without the need for innovation.
Intellectual property rights guarantee success in technology markets without the need for innovation.
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The 4Ps of marketing consist of product, price, place, and promotion strategies.
The 4Ps of marketing consist of product, price, place, and promotion strategies.
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Study Notes
Digital Innovation
- Digital innovation is the process of monitoring and evaluating technology use and taking steps to improve it.
Technology Development
- The purpose of developing technology is to improve human life, increase understanding of the universe, have fun, and make commercial gain.
- Technologies are used for fun, military purposes, commercial gain, and benefits for mankind.
Technology-Based Enterprise
- Technology-based businesses can be profitable, but also have a high failure rate.
- Advances in technology enable sophisticated new models of mobile phones.
- Technology can improve productivity, reduce costs, and create new markets, but does not always benefit everyone.
Technology Change Process
- The technology change process involves discovery, development, and diffusion.
- The rate of technology development has increased significantly over time, starting with slow, chance discoveries and moving to rapid growth in modern times.
Technology Forecasting
- The main purpose of technology forecasting is to prepare to take advantage of new technologies.
- Some common forecasting techniques include trend extrapolation, simulation, expert judgment, and scenario analysis.
Crisis Management
- In a crisis, it is important to seek help, look for opportunities, and avoid panicking.
Innovation
- Incremental innovation involves small improvements to existing products, services, processes, or methods.
- Radical innovations lead to fundamental changes that can transform businesses or industries.
- Technological progress is a three-step process of invention, innovation, and diffusion.
Disruptive Innovation
- Major breakthroughs (radical innovations) may or may not be disruptive, while minor (incremental innovations) can be disruptive.
- Radical and disruptive innovation are not the same, as radical innovations may not become disruptive.
S Curve
- The S-curve illustrates technology performance and demonstrates that technology grows exponentially, then gradually declines.
Intellectual Property
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Intellectual property is any human creation with intangible value in the marketplace.
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Examples of intellectual property include:
- Nike's Swoosh logo
- Proactiv's acne medication formula
- Apple's trademark
- Microsoft's Windows operating system
- Google's headquarters in Mountain View, California (intellectual property includes trade secrets and real estate)
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Examples of what is NOT intellectual property:
- A computer monitor
Types of Intellectual Property Protection
- The four main forms of intellectual property protection are:
- Patents: A government grant giving exclusive rights to an invention.
- Copyrights: Protect original works of authorship.
- Trademarks: Distinctive marks that identify the source of goods or services.
- Trade Secrets: Confidential information that gives a company a competitive advantage.
Trademarks
- A trademark is any symbol that identifies the source of goods or services.
Patents
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A patent is a government grant giving exclusive rights to an invention.
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There are three types of patents:
- Utility patents: For new and useful processes, machines, manufactures, or compositions of matter.
- Design patents: For new and original designs for an article of manufacture.
- Plant patents: For new and distinct, invented or discovered, asexually reproduced varieties of plants.
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Utility patents last for 20 years from the date the application was filed.
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The United States uses a "first-to-file" system for patent applications.
Patent Infringement
- Patent infringement occurs when one party uses another party's patent without permission.
- Patent infringement penalties can be severe.
Global Entrepreneurship
- A global entrepreneur needs constant innovation.
- Strategic options for global entrepreneurs include:
- Web (online presence)
- Joint ventures
- Franchising
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Description
This quiz explores the concepts of digital innovation and the development of technology. It covers the process of monitoring technology use, the impact of technological advancements on various aspects of life, and the technology change process. Test your knowledge on how technology influences business and society!
