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List the four components that describe the entrepreneurial innovation model.
Question 1.1. (TO 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. (TO 2) How is corporate venturing used as an aid to search for innovation opportunities? Explain the relationship of the organization’s strategic plan and vision statement to the corporate venturing methodology. (Points : 25)
Question 3.3. (TO 3) Compare and contrast assembly customization with design customization. Why are efforts to maintain barriers to existing or new competitors using assembly customization of limited effectiveness? (Points : 25)
Question 4.4. (TO 4) Analyze the statement, “The poor have no purchasing power and do not represent a viable market.” In addition, “The poor are hard to reach.” Why do you agree or disagree with each statement? (Points : 25)
Question 5.5. (TO 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. (TO 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. (TO 7) There are at least nine components to a formal business plan for a new product. Consider four of those components: (a) product or service details, (b) market opportunity details, (c) identification of target market, and (d) competitor analysis and identification of entry barriers. Which component of the plan do you feel is the most important? Explain why the component you selected is more important than the other three components. Offer three reasons to justify your selection. (Points : 25)
Question 8.8. (TO 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, time frame, and resources. (Points : 25)
Question 9.9. (TO 9) You are presenting a plan to your senior management team about market tests and risks. Risk testing is important and a suggestion has been made for you to consider the following risk categories: market-based risks, technological risks, manufacturing risks, and design risks. Would you include any or all of these additional categories as risk-testing categories? Defend your decision. (Points : 25)