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Cards In This Set
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P. 586 technology can be defined as the systematic application of scientific knowledge to a new product, process, or service. True or False.
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True.
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P. 586 _________________ is a change in method or technology; departure from previous ways of doing things.
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Innovation
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P. 586-87 What are the forces driving technological development and patterns?
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1. must have a need/demand for the technology.
2. must be theoretically possible; knowledge must be available from basic science. 3. convert scientific knowledge into engineering and economic terms 4. Funding/skilled labor, time, space, and other resources must exist 5. Entrepreneurial initiative is needed to pull all necessary elements together. |
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Adopters of technology:
This group is adventurous and willing to take risks; willing to pay a premium for the latest/newest technology or product early adopters | innovators | early majority | laggards | late majority |
Innovators
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Adopters of technology:
This group consists of 16% of adopters; often isolated and highly conservative in their views; suspicious of innovation and change. early adopters | innovators | early majority | laggards | late majority |
Laggards
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Adopters of technology:
criticial to the success of a new technology; members are well-respected opinion leaders. early adopters | innovators | early majority | laggards | late majority |
Early adopters
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Adopters of technology:
more deliberate and take longer to decide to use something new; are important members of a community or industry but typically no the leaders. early adopters | innovators | early majority | laggards | late majority |
Early majority
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Adopters of technology:
more skeptical of technological change and approach innovation with great caution, adopting out of necessity or increasing social pressure. early adopters | innovators | early majority | laggards | late majority |
Late majority
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Adopters of technology:
often isolated and highly conservative in their views; extremely suspicious of innovation and change. early adopters | innovators | early majority | laggards | late majority |
Laggards
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P. 590 A low-cost leadership is where the company maintains an advantage because it has a lower cost than its competitors. True or False
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True.
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P. 590 With a ____________ strategy, the advantage comes from having a unique good or service for which customers are willing to pay a premium price.
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Differentiation
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P. 591 What makes innovators and technology leadership attractive? Disadvantages?
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The potential for high profits and first-mover advantages;
Disadvantages include: high costs and risks that followers do not bear; building an infrastructure to support technology; undeveloped technology, creates uncertainty in demand; can have adverse impact on existing structures |
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A manager's decision to adopt new technology depends on price. True or False
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False; depends on potential benefits of the technology and organization's skills.
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The process of clarifying the key technologies on which an organization depends is known as:
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Technology audit
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