The Choice of Being a Leader or a Follower in Innovation

question 27

Multiple Choice

The choice of being a leader or a follower in innovation should depend on:

• A)The extent of legal protection of the innovation,the nature of the knowledge involved,and the potential to establish a standard
• B)The development cost of the innovation,the importance of complementary resources,and the profitability of the industry in which the innovation is to be applied
• C)The extent of protection of the innovation,the potential to establish a standard,and the importance of complementary resources
• D)The potential to establish a standard,the relative powers of the other players in the industry,and the development cost of the innovation

Understand the concept of hegemony and how dominant ideologies are imposed on society.

Identify the role of multiculturalism and its importance in societal cohesion.

Understand how norms and values can shift over time and impact societal practices and legislation.

Recognize the role of media in reflecting and shaping societal views on legislation and culture.

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Definitions:

Cross-sellers

Products or services that are promoted to existing customers alongside their original purchases to increase the value of their shopping basket.

Price Premiums

The additional amount that consumers are willing to pay for a product or service that they perceive as having higher value compared to its alternatives.

Frederick Reichheld

A business strategist best known for his work on customer loyalty and the development of the Net Promoter Score (NPS).

Loyal Customers

Consumers who repeatedly buy products or services from the same brand instead of turning to competitors.