Innovation Strategies in Business: Lesson 5-6
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Questions and Answers

Which of the following best describes the Defender business strategy?

  • Aimed at reacting to developments
  • Aimed at defending a market through high quality and reasonable pricing (correct)
  • Aimed at incrementally developing the existing market
  • Aimed at being first in the market
  • What is the main purpose of an Innovation Strategies Business strategy?

  • To be the first in the market
  • To determine the direction for innovation projects (correct)
  • To incrementally develop the existing market
  • To react to developments when they occur
  • In which phase of the Technology life cycle model does the market grow quickly and usually one dominant design emerges?

  • Fluid phase
  • Transitional phase (correct)
  • Specific phase
  • None of the above
  • What type of strategy is aimed at incrementally developing the existing market and adjacencies with low risks?

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

    Which business strategy is often the second or third follower in the market?

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

    What is the aim of the Prospector business strategy?

    <p>To be first in the market</p> Signup and view all the answers

    What type of innovation aims to help an organization maintain its competitive advantage by improving the features and performance of existing products, processes, and services?

    <p>Sustaining Innovation</p> Signup and view all the answers

    When does the term 'leapfrogging' apply in a business context?

    <p>When competing with an innovator by introducing a newer innovation while skipping its innovation</p> Signup and view all the answers

    Which type of intellectual property protection excludes others from exploiting the result of creative work, such as text, music, or art?

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

    In which way can open-source strategies differ from traditional intellectual property protection methods?

    <p>By allowing anyone to use products free of charge under specific conditions</p> Signup and view all the answers

    What does 'appropriability' refer to in the context of a firm's innovation strategy?

    <p>The ability to capture revenues from an innovation</p> Signup and view all the answers

    Which concept describes the idea that a product or service, when introduced into an established industry, can displace market leaders by performing better or costing less?

    <p>Disruptive Innovation</p> Signup and view all the answers

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