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. (TCO 1) List the four components that describe the entrepreneurial innovation model. Which component is the most critical to success? Defend your choice. (Points : 25) Question 2.2. (TCO 2) One sea
. (TCO 1) List the four components that describe the entrepreneurial innovation model. Which component is the most critical to success? Defend your choice. (Points : 25)
Question 2.
2. (TCO 2) One search strategy used to discover innovation opportunities is termed Deep Dive. Define Deep Dive as a search strategy and briefly describe a limitation associated with it. Illustrate one way in which advocates of the Deep Dive approach to innovation can mitigate the significant limitation associated with this methodology.(Points : 25)
Question 3.
3. (TCO 3) When using creativity to generate new concepts, should our focus primarily be directed to external markets? Why, or why not? Defend your answer and offer a specific example to support it. (Points : 25)
Question 4.
4. (TCO 4) What is product liability? How might it impact a firm? (Points : 25)
Question 5.
5. (TCO 5) Innovation activities influence strategic planning and sales forecasting. Is there a single best generalized innovation strategy that will optimize strategic planning and sales forecasting? If yes, explain the strategy. If no, explain why not. (Points : 25)
Question 6.
6. (TCO 6) When developing products, what does the term relative advantage mean? Explain why management teams should be concerned about a new product’s relative advantage. (Points : 25)
Question 7.
7. (TCO 7) When we develop a strategic plan for a new product launch, we may create errors caused by our own biases. We may be overconfident and ignore possible problem areas. We may seek and overemphasize evidence that confirms our beliefs while excluding evidence that suggests we are heading in the wrong direction. We may take actions designed to minimize loss while ignoring acceptable risks that may result in gain. Explain the actions you would take to minimize the problems described in negatively affecting a strategic plan you were responsible for developing. Which source of error do you find most significant? Why? (Points : 25)
Question 8.
8. (TCO 8) New products may be physical goods or services or a combination of both. Commercial entrepreneurs and social entrepreneurs offer this mix of products and services, although the marketing plans for these activities differ. Compare and contrast the marketing plans developed by social entrepreneurs and commercial entrepreneurs in three areas: motive and aims, timeframe, and resources. (Points : 25)
Question 9.
9. (TCO 9) Products fail for many reasons, and testing can identify possible failure points before launch. When preparing a budget for product testing, explain why or why not you would invest the time and money to identify delighters, those things that make customers happy even if customers do not explicitly demand these features. If you would, what technique would you use to identify delighters? (Points : 25)
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