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SBE330 final exam

Final Exam

Question 1. 1. (TCO 1) List the four components that describe the entrepreneurial innovation model. Which component is the most critical to success? Defend your choice. (Points : 25)

Question 2. 2. (TCO 2) How is corporate venturing used as an aid to search for innovation opportunities? Explain the relationship of the organization’s strategic plan and vision statement to the corporate venturing methodology. (Points : 25)

Question 3. 3. (TCO 3) Analyze the importance of overall business advertising and government regulation (local, state, and federal) as tools for generating new concepts. Provide an example of how advertising or government regulation generated an innovative product or service. (Points : 25)

Question 4. 4. (TCO 4) What is product liability? How might it impact a firm? (Points : 25)

Question 5. 5. (TCO 5) When engaged in strategic management activities, a choice is often made between innovation leadership and innovation followership. Compare and contrast these two activities. When might management teams find an innovation leadership role a possible disadvantage? Describe at least two reasons for the possible disadvantage. (Points : 25)

Question 6. 6. (TCO 6) Some product development activities are risky and some are more conventional. Compare and contrast conventional project management with the management of risky projects, and identify at least five differences. Of the differences between the project types identified, which difference would you rank as most significant and why would you rank the difference as such? (Points : 25)

Question 7. 7. (TCO 7) When a product is launched, the strategic plan is generally focused on success. Not all product launches succeed, however, and failure is sometimes encountered. Should a strategic plan have a section devoted to terminating the launch if certain criteria are met, or should the plan contain provision for the launch to continue until the market determines success or failure? Defend your response. (Points : 25)

Question 8. 8. (TCO 8) When developing a marketing plan, we should consider market differentiation. What does market differentiation mean? Explain why relative quality in conjunction with market differentiation is important to our marketing effort. (Points : 25)

Question 9. 9. (TCO 9) Prototyping is often used to test products and product ideas. Define prototyping and explain the benefits obtained from prototyping. What limits the number of iterations associated with a prototyping test? How would you use a prototype model in an operation for which you were responsible? (Points : 25)

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