Question 1

Which of the following is a difference between innovation and an invention?

Accepted Answer

A)   Innovation is the combination of new or existing ideas, whereas an invention is a completely new concept or product.
B)   Innovations necessarily build on new inventions, whereas inventions do not necessarily build on innovations.
C)   A new invention is the commercialization of innovation, whereas the vice versa is not true.
D)   Innovation is the creation of a product for the first time, whereas invention is the improvement of an existing product. A

Question 2

The need for individuals to understand local market problems, to reach out to others globally to search for unique solutions to the problem, and to uncover the causal relationships found within that foreign knowledge to ensure it is correctly applied to the local problems is referred to as the _____.

Accepted Answer

A)   organizational outlook
B)   innovator's imperative
C)   researcher's protocol
D)   managerial grid B

Question 3

RandomGoodies, a departmental store, wants to reach the lower-income segment of the market as it knows that most people in developing economies are unable to afford highly priced goods. To accomplish efficiency-enhancing innovation, the store limits the number of products in the store. It also sources its products from low-cost suppliers. Which of the following statements is true in this scenario?

Accepted Answer

A)   The potential for generating profits is uncertain.
B)   Decisions are based on short-term metrics.
C)   Resources are made cheaper.
D)   New jobs can be easily created. B

Question 4

Renu, who runs a drama academy, has conceptualized and created a drama sequence based on historical facts. The creation of this epic drama is unique and nothing close to what people have witnessed before. In this scenario, Renu's drama is eligible for a _____.

Accepted Answer

A)   permit
B)   footprint
C)   copyright
D)   trademark

Question 5

Which of the following is a difference between efficiency-enhancing innovations and market-creating innovations?

Accepted Answer

A)   Unlike efficiency-enhancing innovations, market-creating innovations lead to decreasing revenue of a company.
B)   Unlike efficiency-enhancing innovations, market-creating innovations prevent companies from growing in size.
C)   Unlike efficiency-enhancing innovations, market-creating innovations create a new class of consumers.
D)   Unlike efficiency-enhancing innovations, market-creating innovations provide certainty in generating profits.

Question 6

The research team at Life's On Laboratories have been working on the creation of new medicine that could effectively treat Alzheimer's disease at a faster rater without facing the side effects that are usually caused by the existing medicines. After a decade-long research, the team at Life's On successfully formulated a unique composition to treat the disease, which would make a significant contribution to the healthcare industry. In this scenario, the new and unique medicine developed by the research team at Life's On Labs exemplifies _____.

Accepted Answer

A)   enrichment
B)   fortification
C)   an assertion
D)   an invention

Question 7

At RedForum Technologies, every employee from the mid-seniority level onward is expected to deliver at least seven working days a month toward the activities organized by the company to serve its corporate social responsibility. This initiative by RedForum highlights its _____.

Accepted Answer

A)   company matrix
B)   company culture
C)   company leadership
D)   company structure

Question 8

The management at Graphon Systems believes in performance-improving innovations. It makes its design team work on the existing models of the company's products to innovate newer versions of the same products that would possess an enhanced look and have greater functional aspects. Which of the following statements is true in this scenario?

Accepted Answer

A)   The company would have limited potential to capture additional market share.
B)   Resources used for the production of a product's existing models cannot be shifted to the production line for the new models.
C)   There will be a huge potential for the creation of new jobs.
D)   Sales of the newer versions of the products will not be able to replace the sales of the existing versions of the products.

Question 9

After an overseas research and development (R&D) location is selected, the next step is to select the right site leader. If you had to choose between a local who is unlikely to understand the company's culture but understands the country's culture and a person from the home country who understands the company's culture but not the local culture, whom would you choose as the site leader? Give reasons to support your answer.

Accepted Answer

The answer of After an overseas research and development (R&D)...

Question 10

Which of the following steps of the innovator's imperative helps to fertilize local ideas by improving the root structure?

Accepted Answer

A)   Encoding principles
B)   Minimizing goals
C)   Reaching out
D)   Scheduling invention

Question 11

When technical problems started occurring at the site where electronic devices were set up by the engineers of JKLT Tech, the engineers visited the site and examined how the local consumers were using the devices. This helped them identify the underlying issues that they otherwise wouldn't have been able to understand. Next, the engineers at the local unit wanted to consult the people at their headquarters to help them with examining the problem from a different perspective. This act by the engineers exemplifies the _____ step of the innovator's imperative.

Accepted Answer

A)   encoding principles
B)   minimizing goals
C)   reaching out
D)   blocking in

Question 12

Leminco Corp. has launched a specialized health drink for diet-conscious people. It wants to keep the formula of the drink a trade secret. Which of the following statements is true in this scenario?

Accepted Answer

A)   Leminco just needs to keep the trade secret secure, therefore no filing costs.
B)   The trade secret obtained will be bounded by a time limit.
C)   The formula of the drink will need to be disclosed to the trade secret issuing authority.
D)   Once the trade secret is obtained, competitors will be legally restricted from reverse engineering the product to create a duplicate.

Question 13

In the context of the various modes that businesses use to keep their intellectual property safe, which of the following is most likely to be granted a copyright?

Accepted Answer

A)   A song composed by Rob, a famous singer, for his soon to be launched audio album
B)   An on-site solar power system developed by one of the technical giants, Hordon Tech
C)   The logo used by Denish Fashions for all their designer bags
D)   The unique recipe used by NewnBake for all their nut-based cookies

Question 14

Suppose you are a technical lead in a company. You are approached by a team of small researchers who want your design team to work out a solution for one of their technical issues. You know that working out a solution would require you and your team to go beyond the usual workflow of the company. In the context of the innovator's imperative, briefly explain how you would go beyond the usual company workflow pattern in order to drive innovation.

Accepted Answer

The answer of Suppose you are a technical lead in...

Question 15

In the context of the steps of the innovator's imperative, which of the following is a difference between going local and reaching out?

Accepted Answer

A)   Going local involves integrating acquired new knowledge with the local knowledge base, whereas reaching out involves questioning preexisting assumptions.
B)   Going local involves observing how potential clients live and work, whereas reaching out involves collaborating with individuals with whom employees have developed strong relationships.
C)   Going local is the final step of the innovator's imperative, whereas reaching out is the first step of the innovator's imperative.
D)   Going local involves approaching people at company headquarters to examine a problem from new angles, whereas reaching out involves understanding the clients.

Question 16

A _____ is the unique combination of a company's vision, values, norms, systems, symbols, language, assumptions, beliefs, and habits.

Accepted Answer

A)   company matrix
B)   company culture
C)   company profile
D)   company structure

Question 17

In the context of protecting intellectual property, which of the following is a disadvantage of having a trade secret for a tangible product?

Accepted Answer

A)   It has high filing costs.
B)   It has time limitations.
C)   Competitors can purchase and reverse engineer the product.
D)   Technical details of the product will need to be disclosed to the issuing authority.

Question 18

In the context of the various modes that businesses use to keep their intellectual property safe, which of the following is a difference between a patent and a copyright?

Accepted Answer

A)   Unlike a patent, a copyright cannot be issued for literary works.
B)   Unlike a patent, registration of a copyright is mandatory.
C)   Unlike a patent, a copyright cannot be granted by national governments.
D)   Unlike a patent, a copyright is granted to authors of artistic work.

Question 19

Jillone Technocraft has developed a new kind of couch that can be converted into bedding without the efforts of having to pump air in or out. The new technology behind the making of this couch is unique and a complete innovation by the design team at Jillone. Although the company is not sure how effective it will be in attracting a new customer base, it is still confident and wants to take the risk. Which of the following is most likely the reason Jillone has chosen to incorporate market-creating innovation?

Accepted Answer

A)   It wants the company to grow in size and achieve an increase in its revenue.
B)   Profit generation is certain.
C)   It wants to test its product in the market before the product's release.
D)   Time-consumption during the development phase is minimal.

Question 20

Frido Innovative Techno has several regional research and development centers spread across the world. The firm believes that its centers around the world can lead to continued innovation as the centers can concentrate on the demands within their particular regions. However, it has been observed that there is a serious lack of communication among the workers at the various regional centers. As a result, they are working on similar problems without sharing their results. Which of the following is most likely to happen in this scenario?

Accepted Answer

A)   There will be duplication of effort.
B)   There will be a less number of job opportunities.
C)   The company cannot reach the lower-income segment of the market.
D)   Rates of developed products will be unaffordable to the local public.

Exam 12: Global Innovation and Intellectual Property