WPC 470 Moore ASU Final Exam With Correct Questions & Answers

WPC 470 Moore ASU Final Exam With Correct Questions & Answers 

The process by which people undertake economic risk to innovate- to 
create new products, processes, and sometimes new organizations -
Entrepreneurship
Competitive benefits that accrue to the successful innovator - Firstmover advantages
The five different stages; introduction, growth, shakeout, maturity, and 
decline, that occur in the evolution of an industry over time - Industry life 
cycle
The positive effect (externality) that one user of a product or service has 
on the value of that product for other users - Network effects
A form of intellectual property that gives the inventor exclusive rights to 
benefit from commercializing a technology for a specified time period in 
exchange for public disclosure of the underlying idea - Patent
An enterprise that creates value by matching external producers and 
consumers in a way that creates value for all participants, and that 
depends on the infrastructure or platform that the enterprise manages -
Platform business
The market environment in which all players participate relative to the 
platform - Platform ecosystem
An innovation that was developed for emerging economies before 
introduced in developed economies. Sometimes also called frugal 
innovation - Reverse innovation
The pursuit of social goals while creating a profitable business - Social 
entrepreneurship
Markets where the market leader captures almost all of the market share 
and is able to extract a significant amount of the value created - Winnertake-all markets
The goal-directed actions managers take in their quest for competitive 
advantage when competing in a single product market - Business-level 
strategy
Business level strategy that successfully combines differentiation and 
cost-leadership activities using value innovation to reconcile the inherent 
tradeoffs - Blue ocean strategy
Generic business strategy that seeks to create the same or similar value 
for customers at a lower cost - Cost-leadership strategy
Generic business strategy that seeks to create higher value for 
customers than the value that competitors create, while containing costs 
- Differentiation strategy
Increases in cost per unit when output increases - Diseconomies of scale
Decreases in cost per unit as output increases - Economies of scale
Savings that come from producing two or more outputs at less cost than 
producing each output individually, despite using the same resources and 
technology - Economies of scope
Output range needed to bring down the cost per unit as much as possible, 
allowing a firm to stake out the lowest-cost position that is achievable 
through economies of scale - Minimum efficient scale (MES)
Choices between a cost or value position. Such choices are necessary 
because higher value creation tends to generate higher cost - Strategic 
trade-offs
A new product which known components, based on existing technologies, 
are reconfigured In a novel way to attack new markets - Architectural 
innovation
An innovation that leverages new technologies to attack existing markets