Innovation Management Chapter 6: Intellectual Property
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Questions and Answers

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)?

  • 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)?

  • 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?

    <p>You may lose significant financial returns</p> Signup and view all the answers

    Why is it important to seek legal advice for IP protection?

    <p>Because it is complicated and requires specialized knowledge</p> Signup and view all the answers

    What can firms do with their IP to generate financial returns?

    <p>License their IP to others</p> Signup and view all the answers

    What is the main characteristic of Tacit Knowledge?

    <p>It is gained from personal experience and is difficult to express</p> Signup and view all the answers

    What is the primary goal of Tacit Knowledge Management?

    <p>To transfer tacit knowledge across the organization effectively</p> Signup and view all the answers

    What is an example of Explicit Knowledge?

    <p>The design of a product</p> Signup and view all the answers

    What is a strategy to transfer Tacit Knowledge according to the text?

    <p>Collaboration and working in teams</p> Signup and view all the answers

    What is the significance of Tacit Knowledge in firms?

    <p>It is a crucial asset for firms</p> Signup and view all the answers

    What is another strategy to transfer Tacit Knowledge according to the text?

    <p>Interaction by social networks</p> Signup and view all the answers

    What is the primary reason for managing each step of knowledge development?

    <p>Because knowledge is important for innovation process</p> Signup and view all the answers

    What is a key characteristic of a firm's core competency?

    <p>It resides in people</p> Signup and view all the answers

    What is the primary purpose of utilizing and embedding knowledge in products or services?

    <p>To enhance firm's core competencies</p> Signup and view all the answers

    What can help overcome the challenges of managing each step of knowledge development?

    <p>Using previous strategy effectively</p> Signup and view all the answers

    Why do firms need more than a set of core capabilities in R&D?

    <p>Because internal knowledge should be enhanced</p> Signup and view all the answers

    What is a key challenge in managing each step of knowledge development?

    <p>Storing and retrieving knowledge</p> Signup and view all the answers

    What is a crucial step in running an Open Innovation Challenge?

    <p>Selecting the participants</p> Signup and view all the answers

    What is a common issue that can arise in Open Innovation if not managed properly?

    <p>Unclear goals</p> Signup and view all the answers

    What should be included in the challenge details of an Open Innovation Challenge?

    <p>Title, description, and supporting documents</p> Signup and view all the answers

    Why is it important to understand what you wish to achieve in Open Innovation?

    <p>To define the relevant participants</p> Signup and view all the answers

    What is essential for managing Open Innovation activities?

    <p>An effective process with clear goals and communication</p> Signup and view all the answers

    What can happen if you don't select the right type of participants in Open Innovation?

    <p>You may get irrelevant ideas</p> Signup and view all the answers

    What is the primary objective of the 'Organization Feasibility' stage?

    <p>To assess the management's ability to achieve the firm's objectives</p> Signup and view all the answers

    What is the outcome of the 'Screening' phase in NPD?

    <p>A series of evaluations, including technical and commercial assessments</p> Signup and view all the answers

    What is a 'Business Opportunity' in the context of NPD?

    <p>A possible idea that may be transformed into a revenue-generating product</p> Signup and view all the answers

    What is the primary goal of the 'Product/Service Feasibility' stage?

    <p>To determine the product/service desirability and potential demand</p> Signup and view all the answers

    What happens when sales start in the NPD linear model?

    <p>We begin to cover the initial cost</p> Signup and view all the answers

    What is the purpose of the 'Industry/Market Feasibility' stage?

    <p>To determine the industry attractiveness and market expansion possibilities</p> Signup and view all the answers

    A patent can protect product or service knowledge for a long time.

    <p>True</p> Signup and view all the answers

    Large firms with many departments are more dynamic and able to share knowledge.

    <p>False</p> Signup and view all the answers

    Organizational structure has no impact on knowledge sharing.

    <p>False</p> Signup and view all the answers

    Reviewing newsletters, articles, books, and podcasts is a way to generate new knowledge.

    <p>False</p> Signup and view all the answers

    Interacting with external sources can produce ineffective information.

    <p>False</p> Signup and view all the answers

    Explaining a concept to experts is a way to share knowledge within an organization.

    <p>True</p> Signup and view all the answers

    Intellectual property is tangible and has no value in the marketplace.

    <p>False</p> Signup and view all the answers

    A company's physical assets are more important than its intellectual assets.

    <p>False</p> Signup and view all the answers

    You can undertake legal protection of intellectual property alone without seeking legal advice.

    <p>False</p> Signup and view all the answers

    Firms cannot generate financial returns by licensing their intellectual property to others.

    <p>False</p> Signup and view all the answers

    Intellectual property only protects physical assets such as land and buildings.

    <p>False</p> Signup and view all the answers

    The main idea of intellectual property is to allow others to use your innovations without permission.

    <p>False</p> Signup and view all the answers

    During the NPD process, the cost of development is fully covered when sales start.

    <p>False</p> Signup and view all the answers

    The 'Product/Service Feasibility' stage involves evaluating the technical, commercial, and business aspects of a product or service concept.

    <p>True</p> Signup and view all the answers

    Lead users are often the last to buy products in the market.

    <p>False</p> Signup and view all the answers

    The 'Screening' phase in NPD is the final stage of the process.

    <p>False</p> Signup and view all the answers

    A 'Business Opportunity' is a revenue-generating product that has already been developed.

    <p>False</p> Signup and view all the answers

    A minor change in a product can lead to a new product.

    <p>True</p> Signup and view all the answers

    Introducing a new design for a product is not considered a new product.

    <p>False</p> Signup and view all the answers

    The 'Industry/Market Feasibility' stage involves evaluating the management description of the end state.

    <p>False</p> Signup and view all the answers

    Lead users are not willing to participate in evaluating emerging concepts.

    <p>False</p> Signup and view all the answers

    A Detailed Business Plan is not necessary for implementation of an innovation.

    <p>False</p> Signup and view all the answers

    A new product has the same interpretation across different industries.

    <p>False</p> Signup and view all the answers

    Educating customers about new products is not necessary because they always understand the benefits immediately.

    <p>False</p> Signup and view all the answers

    Fax machines were initially accepted by consumers in the 1960s.

    <p>False</p> Signup and view all the answers

    The Dyson bagless vacuum cleaner was a success from the start in 1990.

    <p>False</p> Signup and view all the answers

    Chryslers Cruiser was expected to be good for a large market in the 1990s.

    <p>False</p> Signup and view all the answers

    Educating customers is not necessary for new product introduction.

    <p>False</p> Signup and view all the answers

    The level of technical activities is the same across different industries.

    <p>False</p> Signup and view all the answers

    When I-pod was introduced, it did not provide a detailed explanation of its benefits.

    <p>False</p> Signup and view all the answers

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