Year 11 Business (2)

What are the four key innovation theories?

• Incremental, architectural, disruptive, bold

• Open, closed, incremental, bold

• Instrumental, architectural, disciplined, radical

• Incremental, architectural, disruptive, radical

Which answer best describes architectural innovation?

• architectural innovation builds upon the basic platforms that already exist within a market through a series of small improvements.

• architectural innovation takes components of a product and reassembles it in a new way to introduce to a new market.

...innovation involves the harnessing of new technology and a new business model simultaneously, creating an entirely new market segment.

The evolution of the iPhone is an example of which innovation theory:

• Incremental

•    Architectural

• Radical

• Disruptive

Intellectual property is

• Intangible items or proprietary knowledge that a person creates and owns.

• Tangible items and material that belong to a person or company.

Which of the following is not a way to protect intellectual property?

• Trade secret

• Trademark

• Innovation

• Patent

This is an example of a...

• Registered design

• Trade mark

• Patent

• Copyright

The competitive environment for Toyota is a/an:

• Perfect competition

• Monopolistic competition

• Oligopoly

• Monopoly

Which answer best explains why the agricultural market is considered to be in perfect competition?

• Because there aren't many farmers around anymore.

• Because farmers have control over the price that they sell their produce for. They have total pricing power and differentiated products.

• Because farmers offer homogeneous products that are produced by and for many sellers and buyers. Producers have no pricing power.

• Because it has differentiated products

Which of the following is an example of service differentiation?

• Complimentary screen repair for your device

• High quality, modern products

• Iconic product design. e.g the sleek, minimalistic aesthetic of Apple products.

• Offering a wide range of products suited to different consumer values