Question 1

Flexible manufacturing technologies have increased the importance of production economies of scale.

Accepted Answer

Flexible manufacturing technologies, such as 3D printing and robotics, allow for more efficient and customizable production in smaller batches, reducing the importance of production economies of scale.

Question 2

GDP does relate very directly to the amount of goods consumers can purchase.

Accepted Answer

GDP (Gross Domestic Product) measures the total value of goods and services produced in a country over a specific time period. If the GDP of a country is high, it reflects a strong economy and generally means people have higher incomes and more purchasing power, which can lead to more goods being purchased by consumers. Therefore, GDP does relate directly to the amount of goods consumers can purchase.

Question 3

Technology in its purest form is not knowledge,but rather faith that things will get better.

Accepted Answer

Technology in its purest form is knowledge of the application of science and engineering to solve problems and improve processes, rather than just faith or belief. Technology requires expertise in various fields such as computer science, electrical and mechanical engineering, and mathematics. While there may be an element of optimism or hope for improvement, it is ultimately the knowledge and skills that drive advancements in technology.

Question 4

If an idea can be shown to be technologically feasible,it is guaranteed to be commercially successful.

Accepted Answer

Technological feasibility is only one aspect of a successful commercial product. Other factors such as market demand, pricing, competition, and marketing strategy can also play a significant role in determining commercial success.

Question 5

Technological innovation can have a positive impact on our quality of life through improved goods and services.

Accepted Answer

Technological innovation often leads to the development of new and improved goods and services, which can enhance our quality of life in various ways such as better communication, greater convenience, and increased safety. For example, the invention of smartphones and social networking platforms has revolutionized the way we connect with each other, making it easier and faster to stay in touch and share information. Similarly, advances in healthcare technology have led to better treatments and outcomes for many medical conditions, thus improving the overall quality of life for patients.

Question 6

According to the concept of the innovation funnel,one new idea is usually responsible for several new products.

Accepted Answer

The answer of According to the concept of the innovation...

Question 7

While rapid innovation often benefits society,it often makes success for companies
A) more complicated as they strive to keep up with the latest innovations.
B) profitable as long as they do not innovate themselves, but rather use innovations of others to their advantage.
C) easier since innovation always makes things simpler.
D) less likely because customers will not be willing to pay as much for goods and services.

Accepted Answer

Rapid innovation often creates a fast-changing market, which can make it difficult for companies to keep up and remain relevant. In order to be successful, companies must be proactive in adapting to the latest innovations and technology, which can be a complex and expensive process.

Question 8

Practically all innovative ideas become successful products.

Accepted Answer

While some innovative ideas do become successful products, the reality is that many fail due to a variety of reasons such as lack of market demand, competition, or poor execution. The success of an idea depends on a variety of factors beyond just its level of innovation.

Question 9

The majority of effort and money invested in technological innovation comes from industrial firms.

Accepted Answer

This is true. Industrial firms, including large corporations, invest heavily in research and development to create new technologies and improve existing ones to gain a competitive advantage in the market. They have the resources and capacity to fund extensive research and can benefit from the resulting technologies in their operations and products. Other stakeholders, such as government agencies, academic institutions, and venture capitalists, also contribute to technological innovation, but industrial firms are the primary drivers of innovation.

Question 10

Most studies suggest that
A) technological innovation helps to increase a country's gross domestic product.
B) technological innovation typically decreases a country's gross domestic product.
C) technological innovation has no impact on a country's gross domestic product.
D) a country's gross domestic product determines its rate of technological innovation.

Accepted Answer

Most studies suggest that technological innovation helps to increase a country's gross domestic product. This is because technological innovation can lead to increased efficiency, productivity, and competitiveness, which can ultimately lead to economic growth.

Question 11

After Yahoo! was introduced as an easy way to search the World Wide Web,it was followed by other search engines,some of which had improved or faster ways to search the web.This is an example of how one innovative idea can
A) ruin the business of someone else.
B) slow down obsolescence.
C) stimulate more innovations and create a new market.
D) never be truly copied.

Accepted Answer

The introduction of Yahoo! as an innovative way to search the web led to the creation of other search engines, which improved and sped up the process. This exemplifies how one innovative idea can stimulate more innovations and create a new market. It doesn't necessarily ruin the business of others or slow down obsolescence, as these outcomes depend on the specific circumstances of the market and industry. And while the original idea may not be exactly copied, it can still lead to similar ideas that build upon it.

Question 12

The globalization of markets and the importance of innovation are independent of one another.

Accepted Answer

The globalization of markets and the importance of innovation are closely related. Globalization provides access to larger markets, competition, and new ideas, which can encourage innovation. In turn, innovation can help businesses expand their reach and stay competitive in an increasingly globalized world.

Question 13

Firms that charge headlong into new product development usually have short development cycles.

Accepted Answer

The answer of Firms that charge headlong into new product...

Question 14

Slow innovation results in diminishing margins and product obsolescence.

Accepted Answer

This statement is true as slow innovation can lead to competitors offering more advanced products and lower prices, causing margins to shrink and older products becoming obsolete in the market.

Question 15

As a result of the rapid pace of innovation,the time between a product's introduction and its withdrawal from the market
A) has become shorter.
B) has become more predictable.
C) has become longer.
D) has not changed at all.

Accepted Answer

Due to the rapid pace of innovation, products are quickly replaced by newer and improved versions. Products are becoming obsolete at a faster rate than ever before, resulting in a shorter lifespan for products on the market.

Question 16

Innovation and new technology have led to longer product life cycles as better quality products are being produced.

Accepted Answer

Innovation and new technology often lead to shorter product life cycles as new advancements quickly replace older products, making them obsolete faster.

Question 17

The relationship between speed of innovation and product obsolescence is
A) direct (as innovation speed increases, products become obsolete more quickly).
B) inverse (as innovation speed increases, products become obsolete more slowly).
C) indirect (there is an effect, but it cannot be directly determined).
D) nonexistent (there is no relationship at all).

Accepted Answer

As innovation speed increases, it leads to the introduction of new and better products, making the older products obsolete more quickly. Therefore, there is a direct relationship between speed of innovation and product obsolescence.

Question 18

Technology's effects on society are always positive.

Accepted Answer

Technology can have both positive and negative effects on society. While it has brought many advancements in various fields such as medicine, communication, and transportation, it has also led to the loss of jobs, increased screen time, and social isolation. It's important to weigh the pros and cons of technology use and strive for a balance that benefits society.

Question 19

.The increased pace of innovation has only had a negligible effect on market segmentation and product obsolescence.

Accepted Answer

The increased pace of innovation has had a significant effect on market segmentation and product obsolescence. New technologies and products are constantly emerging, leading to a faster turnover of products and a need to target specific niches within the market. This has resulted in increased segmentation and shorter product lifecycles.

Question 20

Studies have revealed that innovation is a freewheeling process that is unconstrained by rules and plans.

Accepted Answer

Studies have actually suggested that innovation often requires structure, planning, and guidelines in order to be successful. While creativity and experimentation are certainly important components of innovation, they need to be balanced with a framework that fosters focus, clarity, and accountability. Without some level of structure, innovation can become aimless and ineffective.

Quiz 1: Introduction