60 Questions
What is Intellectual Property (IP) according to the chapter?
Any product of human intellect that is intangible but has value in the marketplace
What is the main idea behind Intellectual Property (IP)?
To protect the assets and innovations from being used by others without permission
Why do companies need Intellectual Property (IP)?
To develop a competitive advantage and generate financial returns
What happens if you undertake legal protection of IP alone?
You may lose significant financial returns
Why is it important to seek legal advice for IP protection?
Because it is complicated and requires specialized knowledge
What can firms do with their IP to generate financial returns?
License their IP to others
What is the main characteristic of Tacit Knowledge?
It is gained from personal experience and is difficult to express
What is the primary goal of Tacit Knowledge Management?
To transfer tacit knowledge across the organization effectively
What is an example of Explicit Knowledge?
The design of a product
What is a strategy to transfer Tacit Knowledge according to the text?
Collaboration and working in teams
What is the significance of Tacit Knowledge in firms?
It is a crucial asset for firms
What is another strategy to transfer Tacit Knowledge according to the text?
Interaction by social networks
What is the primary reason for managing each step of knowledge development?
Because knowledge is important for innovation process
What is a key characteristic of a firm's core competency?
It resides in people
What is the primary purpose of utilizing and embedding knowledge in products or services?
To enhance firm's core competencies
What can help overcome the challenges of managing each step of knowledge development?
Using previous strategy effectively
Why do firms need more than a set of core capabilities in R&D?
Because internal knowledge should be enhanced
What is a key challenge in managing each step of knowledge development?
Storing and retrieving knowledge
What is a crucial step in running an Open Innovation Challenge?
Selecting the participants
What is a common issue that can arise in Open Innovation if not managed properly?
Unclear goals
What should be included in the challenge details of an Open Innovation Challenge?
Title, description, and supporting documents
Why is it important to understand what you wish to achieve in Open Innovation?
To define the relevant participants
What is essential for managing Open Innovation activities?
An effective process with clear goals and communication
What can happen if you don't select the right type of participants in Open Innovation?
You may get irrelevant ideas
What is the primary objective of the 'Organization Feasibility' stage?
To assess the management's ability to achieve the firm's objectives
What is the outcome of the 'Screening' phase in NPD?
A series of evaluations, including technical and commercial assessments
What is a 'Business Opportunity' in the context of NPD?
A possible idea that may be transformed into a revenue-generating product
What is the primary goal of the 'Product/Service Feasibility' stage?
To determine the product/service desirability and potential demand
What happens when sales start in the NPD linear model?
We begin to cover the initial cost
What is the purpose of the 'Industry/Market Feasibility' stage?
To determine the industry attractiveness and market expansion possibilities
A patent can protect product or service knowledge for a long time.
True
Large firms with many departments are more dynamic and able to share knowledge.
False
Organizational structure has no impact on knowledge sharing.
False
Reviewing newsletters, articles, books, and podcasts is a way to generate new knowledge.
False
Interacting with external sources can produce ineffective information.
False
Explaining a concept to experts is a way to share knowledge within an organization.
True
Intellectual property is tangible and has no value in the marketplace.
False
A company's physical assets are more important than its intellectual assets.
False
You can undertake legal protection of intellectual property alone without seeking legal advice.
False
Firms cannot generate financial returns by licensing their intellectual property to others.
False
Intellectual property only protects physical assets such as land and buildings.
False
The main idea of intellectual property is to allow others to use your innovations without permission.
False
During the NPD process, the cost of development is fully covered when sales start.
False
The 'Product/Service Feasibility' stage involves evaluating the technical, commercial, and business aspects of a product or service concept.
True
Lead users are often the last to buy products in the market.
False
The 'Screening' phase in NPD is the final stage of the process.
False
A 'Business Opportunity' is a revenue-generating product that has already been developed.
False
A minor change in a product can lead to a new product.
True
Introducing a new design for a product is not considered a new product.
False
The 'Industry/Market Feasibility' stage involves evaluating the management description of the end state.
False
Lead users are not willing to participate in evaluating emerging concepts.
False
A Detailed Business Plan is not necessary for implementation of an innovation.
False
A new product has the same interpretation across different industries.
False
Educating customers about new products is not necessary because they always understand the benefits immediately.
False
Fax machines were initially accepted by consumers in the 1960s.
False
The Dyson bagless vacuum cleaner was a success from the start in 1990.
False
Chryslers Cruiser was expected to be good for a large market in the 1990s.
False
Educating customers is not necessary for new product introduction.
False
The level of technical activities is the same across different industries.
False
When I-pod was introduced, it did not provide a detailed explanation of its benefits.
False
This quiz covers the introduction to intellectual property, including types of IPs such as patents, trademarks, copyrights, and trade secrets. Learn about the value of intellectual property in the marketplace.
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