MAN 4720 Exam Test Questions And Answers Verified 100% Correct

MAN 4720 Exam Test Questions And Answers Verified 100% Correct According to the crossing-the-chasm framework, a firm's transition between the different parts of the industry life cycle is difficult because - the number and size of competitors change throughout the industry life cycle. - the firm tends to follow a predictable industry life cycle. - there are frequent changes in the supply and demand sides of the market throughout the industry life cycle. - there is a big gulf separating the early adopters from customer segments that make up the mass market. - ANSWER there is a big gulf separating the early adopters from customer segments that make up the mass market. Significant differences exist between the customer groups that enter early during the introductory stage of the industry life cycle versus customers that enter later during the growth stage. These differences make a firm's smooth transition between the different parts of the industry life cycle difficult. These distinct differences between customer groups lead to a big gulf or chasm into which companies and their innovations frequently fall. Which of the following statements is typically true of early adopters? - They enter the market in the maturity stage of the industry life cycle. - They appreciate new technology that can add value to their personal and professional lives. - They make up the mass market together with the technology enthusiasts. - They enjoy using beta versions of products and providing free suggestions to companies. - ANSWER They appreciate new technology that can add value to their personal and professional lives. Early adopters recognize and appreciate the possibilities the new technology can afford them in their professional and personal lives. Early adopters' demand is fueled more by intuition and vision rather than technology concerns. Stuart bought his laptop and smartphone when these products had just entered their respective growth stages. More than the technological sophistication of these products, it was the idea that these products would allow him to multitask and work when traveling that drove him to make his purchase decision. Which of the following customer segments does Stuart best represent? - technology enthusiasts - early adopters - late majority - laggards - ANSWER early adopters Stuart belongs to the category of early adopters. The customers entering the market in the growth stage are early adopters. They recognize and appreciate the possibilities the new technology can afford them in their professional and personal lives. How are the early majority and late majority different in their attitudes toward technology? - The early majority is very concerned with what new technology can do for them; the late majority is not. - The early majority is confident in their ability to master the new technology; the late majority is not. - The early majority is concerned that many new technologies will fade away; the late majority is not. - The early majority is strongly influenced by the endorsements of others; the late majority is not. - ANSWER The early majority is confident in their ability to master the new technology; the late majority is not. If a pharmaceutical company develops a first-of-its-kind vaccine to prevent HIV/AIDS and thus creates a whole new market for the product (non-infected civilians), it would be a(n) _________ innovation. - radical - incremental - disruptive - architectural - ANSWER radical The innovation explained in this scenario would fall in the category of radical innovations. A radical innovation draws on novel methods or materials, is derived either from an entirely different knowledge base or from a recombination of existing knowledge bases with a new stream of knowledge, or targets new markets by using new technologies. Japanese carmakers first introduced small fuel-efficient cars and then leveraged their low-cost and high-quality advantages into high-end luxury segments, dominated by brands such as Lexus, Infiniti, and Acura. This initiative best illustrates a(n) - disruptive innovation - incremental innovation - radical innovation - progressive innovation - ANSWER disruptive innovation. Japanese carmakers successfully followed a strategy of disruptive innovation by first introducing small fuel-efficient cars, and then leveraging their low-cost and high-quality advantages into high-end luxury segments, captured by brands such as Lexus, Infiniti, and Acura. More recently, the South Korean carmakers Kia and Hyundai have followed a similar strategy. Which of the following statements is true? - Platform businesses have a major weakness: they are not very successful at value creation. - A platform business exists to help make matches among users and facilitate the exchange of goods, services or social currency. - A platform business usually must rely on pipeline businesses to connect it with consumers. - Platform businesses are dependent on electronic media and thus are a new development in the business world. - ANSWER A platform business exists to help make matches among users and facilitate the exchange of goods, services or social currency. Platforms can be defined along three dimensions: 1. A platform is a business that enables value-creating interactions between external producers and consumers. 2. The platform's overarching purpose is to consummate matches among users and facilitate the exchange of goods, services, or social currency, thereby enabling value creation for all participants. 3. The platform provides an infrastructure for these interactions and sets governance conditions for them. The business phenomenon of platforms, however, is not a new one.Platforms,often also calledmulti-sided markets, have been around for millennia. Which of the following is the best example of a platform business? - McDonald's restaurants - L.L. Bean clothing retailers - Coca Cola soft drink producer - Uber ride-hailing services - ANSWER Uber ride-hailing services Platforms can be defined along three dimensions: