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Questions and Answers
What is Intellectual Property (IP) according to the chapter?
What is Intellectual Property (IP) according to the chapter?
- A company's equipment and buildings
- Any product of human intellect that is intangible but has value in the marketplace (correct)
- Any physical asset of a company
- A company's financial returns
What is the main idea behind Intellectual Property (IP)?
What is the main idea behind Intellectual Property (IP)?
- To develop competitive disadvantages
- To share innovations with others
- To generate financial returns only
- To protect the assets and innovations from being used by others without permission (correct)
Why do companies need Intellectual Property (IP)?
Why do companies need Intellectual Property (IP)?
- To reduce their financial returns
- To develop a competitive advantage and generate financial returns (correct)
- To protect their physical assets
- To share their innovations with others
What happens if you undertake legal protection of IP alone?
What happens if you undertake legal protection of IP alone?
Why is it important to seek legal advice for IP protection?
Why is it important to seek legal advice for IP protection?
What can firms do with their IP to generate financial returns?
What can firms do with their IP to generate financial returns?
What is the main characteristic of Tacit Knowledge?
What is the main characteristic of Tacit Knowledge?
What is the primary goal of Tacit Knowledge Management?
What is the primary goal of Tacit Knowledge Management?
What is an example of Explicit Knowledge?
What is an example of Explicit Knowledge?
What is a strategy to transfer Tacit Knowledge according to the text?
What is a strategy to transfer Tacit Knowledge according to the text?
What is the significance of Tacit Knowledge in firms?
What is the significance of Tacit Knowledge in firms?
What is another strategy to transfer Tacit Knowledge according to the text?
What is another strategy to transfer Tacit Knowledge according to the text?
What is the primary reason for managing each step of knowledge development?
What is the primary reason for managing each step of knowledge development?
What is a key characteristic of a firm's core competency?
What is a key characteristic of a firm's core competency?
What is the primary purpose of utilizing and embedding knowledge in products or services?
What is the primary purpose of utilizing and embedding knowledge in products or services?
What can help overcome the challenges of managing each step of knowledge development?
What can help overcome the challenges of managing each step of knowledge development?
Why do firms need more than a set of core capabilities in R&D?
Why do firms need more than a set of core capabilities in R&D?
What is a key challenge in managing each step of knowledge development?
What is a key challenge in managing each step of knowledge development?
What is a crucial step in running an Open Innovation Challenge?
What is a crucial step in running an Open Innovation Challenge?
What is a common issue that can arise in Open Innovation if not managed properly?
What is a common issue that can arise in Open Innovation if not managed properly?
What should be included in the challenge details of an Open Innovation Challenge?
What should be included in the challenge details of an Open Innovation Challenge?
Why is it important to understand what you wish to achieve in Open Innovation?
Why is it important to understand what you wish to achieve in Open Innovation?
What is essential for managing Open Innovation activities?
What is essential for managing Open Innovation activities?
What can happen if you don't select the right type of participants in Open Innovation?
What can happen if you don't select the right type of participants in Open Innovation?
What is the primary objective of the 'Organization Feasibility' stage?
What is the primary objective of the 'Organization Feasibility' stage?
What is the outcome of the 'Screening' phase in NPD?
What is the outcome of the 'Screening' phase in NPD?
What is a 'Business Opportunity' in the context of NPD?
What is a 'Business Opportunity' in the context of NPD?
What is the primary goal of the 'Product/Service Feasibility' stage?
What is the primary goal of the 'Product/Service Feasibility' stage?
What happens when sales start in the NPD linear model?
What happens when sales start in the NPD linear model?
What is the purpose of the 'Industry/Market Feasibility' stage?
What is the purpose of the 'Industry/Market Feasibility' stage?
A patent can protect product or service knowledge for a long time.
A patent can protect product or service knowledge for a long time.
Large firms with many departments are more dynamic and able to share knowledge.
Large firms with many departments are more dynamic and able to share knowledge.
Organizational structure has no impact on knowledge sharing.
Organizational structure has no impact on knowledge sharing.
Reviewing newsletters, articles, books, and podcasts is a way to generate new knowledge.
Reviewing newsletters, articles, books, and podcasts is a way to generate new knowledge.
Interacting with external sources can produce ineffective information.
Interacting with external sources can produce ineffective information.
Explaining a concept to experts is a way to share knowledge within an organization.
Explaining a concept to experts is a way to share knowledge within an organization.
Intellectual property is tangible and has no value in the marketplace.
Intellectual property is tangible and has no value in the marketplace.
A company's physical assets are more important than its intellectual assets.
A company's physical assets are more important than its intellectual assets.
You can undertake legal protection of intellectual property alone without seeking legal advice.
You can undertake legal protection of intellectual property alone without seeking legal advice.
Firms cannot generate financial returns by licensing their intellectual property to others.
Firms cannot generate financial returns by licensing their intellectual property to others.
Intellectual property only protects physical assets such as land and buildings.
Intellectual property only protects physical assets such as land and buildings.
The main idea of intellectual property is to allow others to use your innovations without permission.
The main idea of intellectual property is to allow others to use your innovations without permission.
During the NPD process, the cost of development is fully covered when sales start.
During the NPD process, the cost of development is fully covered when sales start.
The 'Product/Service Feasibility' stage involves evaluating the technical, commercial, and business aspects of a product or service concept.
The 'Product/Service Feasibility' stage involves evaluating the technical, commercial, and business aspects of a product or service concept.
Lead users are often the last to buy products in the market.
Lead users are often the last to buy products in the market.
The 'Screening' phase in NPD is the final stage of the process.
The 'Screening' phase in NPD is the final stage of the process.
A 'Business Opportunity' is a revenue-generating product that has already been developed.
A 'Business Opportunity' is a revenue-generating product that has already been developed.
A minor change in a product can lead to a new product.
A minor change in a product can lead to a new product.
Introducing a new design for a product is not considered a new product.
Introducing a new design for a product is not considered a new product.
The 'Industry/Market Feasibility' stage involves evaluating the management description of the end state.
The 'Industry/Market Feasibility' stage involves evaluating the management description of the end state.
Lead users are not willing to participate in evaluating emerging concepts.
Lead users are not willing to participate in evaluating emerging concepts.
A Detailed Business Plan is not necessary for implementation of an innovation.
A Detailed Business Plan is not necessary for implementation of an innovation.
A new product has the same interpretation across different industries.
A new product has the same interpretation across different industries.
Educating customers about new products is not necessary because they always understand the benefits immediately.
Educating customers about new products is not necessary because they always understand the benefits immediately.
Fax machines were initially accepted by consumers in the 1960s.
Fax machines were initially accepted by consumers in the 1960s.
The Dyson bagless vacuum cleaner was a success from the start in 1990.
The Dyson bagless vacuum cleaner was a success from the start in 1990.
Chryslers Cruiser was expected to be good for a large market in the 1990s.
Chryslers Cruiser was expected to be good for a large market in the 1990s.
Educating customers is not necessary for new product introduction.
Educating customers is not necessary for new product introduction.
The level of technical activities is the same across different industries.
The level of technical activities is the same across different industries.
When I-pod was introduced, it did not provide a detailed explanation of its benefits.
When I-pod was introduced, it did not provide a detailed explanation of its benefits.
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