Ideas and Innovation

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Questions and Answers

What are the key differences between disruptive and sustaining innovation?

Disruptive innovation creates a new value network by entering an existing market or creating a new market, while sustaining innovation improves existing value networks.

Explain the concept of 'Value = Benefits/Cost' in the context of product development, and give an example.

Value is the perceived worth of a product or service, determined by the ratio of its benefits to its costs; a high benefit, low cost item has considerable value. Example: if a product is expensive but saves a company significant time, it may have high value.

Differentiate between 'Functional Value' and 'Emotional Value' in a value proposition, providing examples for each.

Functional value focuses on the practical benefits of a product (e.g., fuel efficiency of a car), while emotional value focuses on the emotional benefits (e.g., feeling of safety a car provides).

Describe how the NABC framework (Needs, Approach, Benefits per Cost, and Competition) contributes to crafting a strong value proposition.

The NABC framework ensures a value proposition is built on identified needs, proposes a unique approach, justifies adoption with clear benefits relative to cost, and acknowledges the competitive landscape, ensuring a well-rounded and compelling message. Signup and view all the answers

How can a company use the understanding of customer 'pain points' to improve their product or service offerings?

By understanding customer pain points, a company can tailor product features, services, or customer support to directly address and alleviate these issues, leading to increased customer satisfaction and loyalty. Signup and view all the answers

Explain why understanding customer demographics is important for businesses involved in marketing and product design.

Customer demographics help businesses tailor marketing strategies to specific groups, which improves marketing campaign effectiveness. It also helps ensure product design meets the needs/preferences of the intended customer. Signup and view all the answers

What differentiates primary market research from secondary market research, and when would each be most appropriate?

Primary research involves collecting original data directly from potential customers (surveys & interviews), while secondary research analyzes existing data (industry reports). Primary is best for specific, current insights; secondary for broad trends and cost-effective overviews. Signup and view all the answers

Outline the key steps involved in conducting market research according to the provided text.

The key steps are: 1) Define the purpose, 2) Identify the target market, 3) Select research methods, 4) Collect data, 5) Analyze the data, 6) Make business decisions, and 7) Test and validate. Signup and view all the answers

How can a company effectively use a 'landing page' to test and validate a new product idea before its full launch?

A landing page can gauge interest by showcasing the product, collecting user engagement metrics, and gathering key details. This is helpful for measuring user interest and validating the concept. Signup and view all the answers

Describe the 'Decision Making Process' and why is each component important?

The 'Decision Making Process' consists of identifying a decision, gathering relevant information, identifying alternatives, weighing the evidence, reviewing and evaluating the outcome, choosing among the alternatives, and taking action. Signup and view all the answers

What are the key components that make up a customer profile, and why is each component important for a business?

Key components include demographics (age, gender, etc.), psychographics (lifestyle, values), behavioral traits (purchasing patterns), and needs/pain points. Each provides insights for targeted marketing and product development. Signup and view all the answers

Explain the concept of a 'beachhead market' and why it is important for a company launching a new product or service.

A beachhead market is a small, well-defined segment where a company can establish a strong initial presence. It allows for efficient resource allocation, rapid market validation, and building a competitive advantage before scaling. Signup and view all the answers

What are the main types of intellectual property, and what does each protect?

Patents protect inventions, copyrights protect literary and artistic works, trademarks protect brand identifiers, industrial designs protect ornamental designs, geographical indications protect the origin of goods, and trade secrets protect confidential business information. Signup and view all the answers

Why is registering a copyright with the National Library or the Intellectual Property Office (IPO) beneficial, even though copyright exists automatically upon creation?

Registration provides legal proof of ownership, stronger enforcement rights against infringement, and easier licensing and transfer of rights, adding legal security and facilitates commercialization. Signup and view all the answers

Describe the concept of 'fair use' in copyright law and list the four factors considered when determining fair use.

Fair use allows limited use of copyrighted material without permission for purposes such as criticism, comment, news reporting, teaching, scholarship, or research. This is only valid for the purposes listed. Signup and view all the answers

Explain the difference between 'economic rights' and 'moral rights' in copyright law, and provide an example of each.

Economic rights allow the owner to profit from their work (e.g., selling copies), while moral rights protect the creator's reputation and integrity (e.g., right to be credited as the author). Signup and view all the answers

What are the key steps a business should take to protect its trademark and prevent trademark infringement?

A business should conduct a trademark search, register the trademark with the relevant authority, monitor for unauthorized use, and take legal action against infringers. Signup and view all the answers

Explain the purpose and benefits of obtaining a patent for an invention.

To encourage innovation by granting exclusive rights and to protect inventors from unauthorized replication of their work. This fosters technological advancement by incentivizing research and development. Signup and view all the answers

How does a trade secret differ from a patent, and what are the key characteristics that define a trade secret?

A trade secret is confidential business information not publicly known, while a patent is a publicly disclosed invention with exclusive rights. Trade secrets are characterized by commercial value, limited access, and active protection. Signup and view all the answers

Describe the essential elements of a valid contract and illustrate these elements with an example.

Essential elements include offer, acceptance, awareness, consideration, capacity, and legality. For example, a lease agreement involves an offer (landlord offers space), acceptance (tenant agrees), awareness (both understand terms), consideration (rent payment), capacity (both are legally competent), and legality (terms comply with laws). Signup and view all the answers

What is a 'boilerplate clause' in a contract, and why are such clauses important?

A boilerplate clause includes standard legal language to protect against unforeseen circumstances in the contract. These are important to provide clarity, establish governing law, and limit liability. Signup and view all the answers

What is a 'non-disclosure agreement' (NDA), and what are the key elements typically included in such an agreement?

A non-disclosure agreement is a legally binding contract that creates a confidentiality agreement between the parties. The key elements are: participants in the agreement, definition of confidential information, exclusions of confidentiality, appropriate uses of information, and time period. Signup and view all the answers

Differentiate between a 'mutual' and a 'non-mutual' non-disclosure agreement (NDA).

A mutual NDA involves all parties agreeing not to disclose sensitive information to others, while a non-mutual NDA only restricts one of the parties to the agreement. Signup and view all the answers

What is a 'non-compete agreement', and what are the main components that must be specified in such an agreement to make it enforceable?

A non-compete agreement is a legal agreement that specifies that an employee must not enter into competition with an employer after the employment period is over. Signup and view all the answers

What are some of the advantages and disadvantages for employees pertaining to non-compete agreements?

Advantages include ensuring the protection of secrets by current/former employees, and may give employees the right employer for the long run. Disadvantages may include decreasing the chances of employees to bargain, can increase waiting time before finding another company, andunknowing employees may be restricted. Signup and view all the answers

Flashcards

What is an Idea?

A mental representation or thought that arises in the mind, serving as a blueprint for actions, concepts, or solutions.

What is Innovation?

The process of translating an idea or invention into a good or service that creates value.

Incremental Innovation

Incremental, gradual, and continuous improvements in existing concepts, products, processes, or services.