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Exam 13: Entrepreneurial Implications for Strategy

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Question 41

True/False

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Most of 3M's innovations are radical (i.e., significant breakthroughs) rather than incremental (i.e., building on existing knowledge bases and providing small improvements in current product lines) (Chapter 13 Strategic Focus).

A) True
B) False

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Question 42

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GreenBox, a company that recycles paper products to make cardboard cartons, has introduced a new product that resists damage by moisture. GreenBox can expect that

A) this innovation will resist competitors' attempts to imitate it.
B) its investors will react positively to the introduction of the new product because of the potential for higher returns.
C) its investors will react negatively because of the risk and cost entailed in introducing a new product.
D) this will be recognized in the industry as a radical innovation.

E) A) and B)
F) A) and C)

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Question 43

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New entrepreneurial firms are better than larger established firms at

In order to be successful, a new entrepreneurial enterprise should be sheltered from the global environment until it is firmly established in domestic markets.

The firm's culture promotes unity of purpose for cross-functional work teams through

A cross-functional product development team has been examining a proposed new product intensively for six months. The team has decided that although the product is unique and technologically-advanced, the cost of production will exceed the price that the consumer would be willing to pay. At this point, the product development team should

Tide Total care, a premium version of Tide detergent, was developed through Sweden's Lund University along with two small chemical companies. This is an example of open innovation where new products come from ideas external to the firm (Chapter 13 Opening Case).

In the Chapter 13 Strategic Focus, the new abrasive, Cubitron II, was developed through cooperative relationships among 3M business units. As such, Cubitron II is an example of ____________.

The entrepreneurial mind-set is found primarily among managerial and scientific employees.

Innovations that involve significant technological breakthroughs and create new knowledge

Joseph Schumpeter suggested that firms engage in three types of innovative activity when managing the innovation process: imitation, invention, and innovation.

A key risk of acquisitions is that a firm may substitute an ability to buy innovations for an ability to produce innovations internally.

Larger, established firms, mainly those competing globally, use their R&D labs to create competence-destroying new technologies and products.

Internal corporate venturing does NOT involve

Value creation through internal innovation originates with

Tide Total Care, a premium version of Tide detergent, was developed through Sweden's Lund University along with two small chemical companies as partners. Which of the following methods of generating innovations does Tide Total Care illustrate (Chapter 13 Opening Case) ?

According to the Chapter 13 Strategic Focus, entrepreneurs are identifying ways to use social networking sites such as Facebook for business purposes. All of the following are examples of these business purposes EXCEPT

Charles is a customer service representative for a home improvement store. He has creative ideas about how to increase customer satisfaction. Charles's talents will be most likely to be used in a firm that

Firms that continually change their strategic context and strategies because of the continuous changes in the current competitive landscape are in danger of losing sight of their main competitive strengths.

Toyota's Prius, the first mass-produced hybrid-electric car is an example of a radical innovation as changed the industry by providing new functionalities for users.