Question 1

The reduction of costs and the improvement in quality of products made in lower wage countries have led to enhanced markets for firms in developed countries

Accepted Answer

False

Question 2

On average, product life cycles have been shortened because more companies are offering differentiated products.

Accepted Answer

The increase in differentiated products leads to more competition and innovation, which often results in shorter product life cycles as companies frequently update or replace products to maintain market relevance.

Question 3

Microsoft's Xbox 360 provides an excellent example of a company's efforts to develop an innovative new product as part of its overall technology strategy.

Accepted Answer

The Xbox 360 was a significant advancement in gaming technology, showcasing Microsoft's commitment to innovation and strategic development in the gaming industry.

Question 4

Technology can be effectively defined as the use of zeros and ones in digital form on computers.

Accepted Answer

Technology encompasses a wide range of tools, systems, and methods used to solve problems or achieve goals, not just the use of binary code in computers.

Question 5

Invention is the process of using knowledge to solve a problem.

Accepted Answer

Invention is the creation of a new device, method, or process, often resulting from study and experimentation, not just using existing knowledge to solve a problem.

Question 6

Technological innovation is the use of knowledge to apply tools, materials, processes and techniques to come up with new solutions to problems.

Accepted Answer

Technological innovation involves applying knowledge and creativity to develop new tools, materials, processes, and techniques to solve existing problems or improve upon current solutions.

Question 7

Michael Dell's approach to selling personal computers assembled from standard components direct to customers is an example of technology innovation.

Accepted Answer

Michael Dell's approach is an example of business model innovation, not technology innovation, as it focuses on the method of selling and distribution rather than the technology itself.

Question 8

Technology innovation almost always comes from the knowledge of computer science.

Accepted Answer

Technology innovation can come from various fields, not just computer science, including biology, chemistry, physics, and engineering.

Question 9

Economists have shown that much of the growth in gross domestic product comes from the use of technology to make more productive use of labor and capital.

Accepted Answer

Technological advancements often lead to increased efficiency and productivity, which in turn can drive economic growth by optimizing the use of labor and capital resources.

Question 10

The impact from almost all technology innovation is positive.

Accepted Answer

Not all technology innovations have a positive impact; some can lead to negative consequences such as privacy concerns, job displacement, and environmental harm.

Question 11

Process development is the anticipation and resolution of problems that arise in the production of a product

Accepted Answer

Process development involves identifying potential issues and creating solutions to ensure efficient and effective production.

Question 12

A technology strategy is the approach that a firm takes to obtain and use technology to achieve a new competitive advantage, or to defend an existing technology-oriented competitive advantage against erosion.

Accepted Answer

A technology strategy involves planning and implementing technology to gain or maintain a competitive edge in the market.

Question 13

Technology strategy is different form overall business strategy in that business strategy involves the use of intellectual property management to capture financial returns to a much greater degree than technology.

Accepted Answer

The answer of Technology strategy is different form overall business...

Question 14

Technology strategy is different form overall business strategy in that technology strategy has to deal much more with issues of uncertainty than general business strategy.

Accepted Answer

Technology strategy often involves dealing with rapid changes and uncertainties in technological advancements, whereas general business strategy may focus more on stable market conditions and long-term planning.

Question 15

The study of technology innovation is largely centered in general strategy principles.

Accepted Answer

The study of technology innovation often involves specific principles related to technological development, adoption, and diffusion, which may differ from general strategy principles.

Question 16

In the U.S., services now account for more than half the total gross domestic product.

Accepted Answer

Services have been the dominant sector in the U.S. economy for several decades, contributing more than half of the GDP.

Question 17

Technology strategy is basically the same for both large established firms and small new companies.

Accepted Answer

Large established firms and small new companies have different resources, goals, and market positions, leading to different technology strategies.

Question 18

Research and development intensity is much higher for small firms than for large ones.

Accepted Answer

Small firms often invest a larger proportion of their resources in research and development to innovate and compete, whereas large firms may have more diversified investments.

Question 19

Developing an effective technology strategy includes making decisions about how to organize a company for innovation.

Accepted Answer

Developing a technology strategy involves planning how to leverage technology for innovation, which includes organizational decisions to support and foster innovative processes.

Question 20

Technology innovation has become a crucial part of most firms strategy because:
A) technology innovation generates competitive advantage
B) most firms produce only a few related products
C) companies have been taking longer to introduce new products
D) sales and profits from new products has been decreasing

Accepted Answer

Technology innovation is essential for firms as it helps them gain a competitive edge in the market by offering unique products or services, improving efficiency, and responding to changing consumer demands.

Quiz 1: Introduction