MAR 4832 FSU Exam 1 Questions & Answers 2024/2025
Product - ANSWERSThing produced by labor
Products can be - ANSWERSTangible, Intangible or Cyber
Products are not limited to - ANSWERSExternal uses, but also internal (vaccines or a prescription)
Innovators must ask the following questi...
Products can be - ANSWERSTangible, Intangible or Cyber
Products are not limited to - ANSWERSExternal uses, but also internal (vaccines or a prescription)
Innovators must ask the following question - ANSWERSWhat is the intended longevity of our products?
Innovators must be sure that products do not - ANSWERSCause harm to workers, society, and can be
disposed of in a way that has limited side effects
Four explicit qualities that define Innovation - ANSWERS- Must be a product, service, and/or process
- Must be new
- Must provide unique value to a group or people, regardless fo the group's size
- Must be adopted and used by a group of people
The success of an innovation has less to do with the product and more about the - ANSWERSPerception
of value
Value Perception - ANSWERSThe merit a product brings by meeting customer expectations
Value must be the _____ priority for innovators to ensure success - ANSWERSHighest
Teams need to focus on the value the customer experience brings rather than the - ANSWERSProduct's
gadgetry
,Every innovation begins with a process that _____ _____ from the team - ANSWERSEngages creativity
Every innovation must manifest as an _______, no matter if it is a product, service or process -
ANSWERSInvention
Invention - ANSWERSSomething that has never been made before
Commodities - ANSWERSSimilar products where price is the deciding factor
New product much reach the status of - ANSWERSAdoption
Adoption - ANSWERSNumber of customers who start using the product and understands the value that
the new product is providing
Adoption has a ____ impact on the success of the innovation - ANSWERSDirect
The only people who truly have the right to call your product an innovation are - ANSWERSYour
customers
Money, profit, revenue, returns of the like have - ANSWERSNo bearing on how successful an innovation
is
Historical data is not nearly as valuable as data regarding - ANSWERSReal-time analytics of usage
Why is real-time analytics better than historical data? - ANSWERSBecause speed matters
Real-time analytics - ANSWERSHelp to predict future demand and detect slow downs in the demand for
products
, Innovation exits in - ANSWERSAll economies, for all reasons, not just for profit
Innovation will not to be considered an innovation - ANSWERSForever
Firms must - ANSWERSContinuously innovate
Innovations must be perfectly timed and targeted to a market that is - ANSWERSReady and willing to
adopt it
Fundamental requirements of an innovation's purpose - ANSWERSSolve a problem for a group of people
8 Stages of Maslow's Hierarchy of Needs - ANSWERS- Biological and physiological needs
- Safety needs
- Love and belongingness needs
- Esteem needs
- Cognitive needs (new need)
- Aesthetic needs (new need)
- Self- actualization needs
- Transcendence needs (new need)
Maslow's Hierarchy of Needs helps to - ANSWERSInform and reveal new value products provide based
on customer needs
Innovators must not - ANSWERSRemove human emotions or feelings from their processes
Innovators should - ANSWERSLeverage emotional reality to their advantage to increase the product's
success by providing new value
Sinek's "The Golden Circle": The most advantageous way to communicate with anyone is: - ANSWERS-
Emotional (first level)
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