BCOR 2304: Final Exam 2025/2026 Exam
Questions and Verified Answers |
Already Graded A+
What is innovation? - 🧠 ANSWER ✔✔the successful introduction of a new
product, process or business model
Why do we need innovation? - 🧠 ANSWER ✔✔to create value for our
customers; innovation attracts customers and services
What are the four I's in the innovation process? - 🧠 ANSWER ✔✔Idea
Invention
Innovation
Imitation
What is an idea - 🧠 ANSWER ✔✔an abstract concept or ideas derived from
research
,Ex: Research from quantum physics
What is an invention? - 🧠 ANSWER ✔✔The transformation of an idea into a
new product or process
Example: Research on stats turned into Gen AI
What is innovation (in the four I's Framework)? - 🧠 ANSWER ✔✔The
commercialization of an invention
Ex: Using the AI algorithms to create and sell self driving cars
What is imitation - 🧠 ANSWER ✔✔competitors will imitate successful
innovations and processes
Ex: Netflix vs Amazon vs Hulu
What dies the industry life cycle explain? - 🧠 ANSWER ✔✔The innovation
process and the affects of the evolvement of an industry
What are the 5 stages of the industry life cycle? - 🧠 ANSWER ✔✔1.
Introduction
2. Growth
3. Shakeout
4. Maturity
,5. Decline
Characteristics of Introduction stage (ILC) - 🧠 ANSWER ✔✔1. launch of
successful innovation
2. Only a few firms in the industry
3. demand is limited due to lack of knowledge
4. Excessive costs
5. Entry barriers are high due to limited demand and high production costs
Characteristics of growth stage (ILC) - 🧠 ANSWER ✔✔1. Innovation has
gained market acceptance
2. Increased demand due to value recognition
3.Low competition because it takes time to enter the market
4. economies of scale is reached
5. Industry standards established
Characteristics of shakeout stage (ILC) - 🧠 ANSWER ✔✔1. stage when
growth rate of demand starts to decline and increased entrants enter
2. Weaker firms are acquired or exit
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
STATEMENT. ALL RIGHTS RESERVED
3
, 3. Winners are large and enjoy economies of scale
Characteristics of maturity stage (ILC) - 🧠 ANSWER ✔✔1. Demand
stabilizes
2. Few firms with large market share
3. Demand growth rate = 0
Examples: Airliners
Characteristics of decline stage (ILC) - 🧠 ANSWER ✔✔1. Demand declines
What four options do firms have when in a declining industry? - 🧠 ANSWER
✔✔Exit: Thorough bankruptcy or liquidation
Harvest: reduce investment and maximize cash flow
Maintain: Continue to support marketing activities
Consolidate: buy rivals, aim for monopoly
What are the benefits of being a first mover in the ILC? - 🧠 ANSWER ✔✔1.
limited competition
2. growing customer demand
3. Set standard
Questions and Verified Answers |
Already Graded A+
What is innovation? - 🧠 ANSWER ✔✔the successful introduction of a new
product, process or business model
Why do we need innovation? - 🧠 ANSWER ✔✔to create value for our
customers; innovation attracts customers and services
What are the four I's in the innovation process? - 🧠 ANSWER ✔✔Idea
Invention
Innovation
Imitation
What is an idea - 🧠 ANSWER ✔✔an abstract concept or ideas derived from
research
,Ex: Research from quantum physics
What is an invention? - 🧠 ANSWER ✔✔The transformation of an idea into a
new product or process
Example: Research on stats turned into Gen AI
What is innovation (in the four I's Framework)? - 🧠 ANSWER ✔✔The
commercialization of an invention
Ex: Using the AI algorithms to create and sell self driving cars
What is imitation - 🧠 ANSWER ✔✔competitors will imitate successful
innovations and processes
Ex: Netflix vs Amazon vs Hulu
What dies the industry life cycle explain? - 🧠 ANSWER ✔✔The innovation
process and the affects of the evolvement of an industry
What are the 5 stages of the industry life cycle? - 🧠 ANSWER ✔✔1.
Introduction
2. Growth
3. Shakeout
4. Maturity
,5. Decline
Characteristics of Introduction stage (ILC) - 🧠 ANSWER ✔✔1. launch of
successful innovation
2. Only a few firms in the industry
3. demand is limited due to lack of knowledge
4. Excessive costs
5. Entry barriers are high due to limited demand and high production costs
Characteristics of growth stage (ILC) - 🧠 ANSWER ✔✔1. Innovation has
gained market acceptance
2. Increased demand due to value recognition
3.Low competition because it takes time to enter the market
4. economies of scale is reached
5. Industry standards established
Characteristics of shakeout stage (ILC) - 🧠 ANSWER ✔✔1. stage when
growth rate of demand starts to decline and increased entrants enter
2. Weaker firms are acquired or exit
COPYRIGHT©NINJANERD 2025/2026. YEAR PUBLISHED 2025. COMPANY REGISTRATION NUMBER: 619652435. TERMS OF USE. PRIVACY
STATEMENT. ALL RIGHTS RESERVED
3
, 3. Winners are large and enjoy economies of scale
Characteristics of maturity stage (ILC) - 🧠 ANSWER ✔✔1. Demand
stabilizes
2. Few firms with large market share
3. Demand growth rate = 0
Examples: Airliners
Characteristics of decline stage (ILC) - 🧠 ANSWER ✔✔1. Demand declines
What four options do firms have when in a declining industry? - 🧠 ANSWER
✔✔Exit: Thorough bankruptcy or liquidation
Harvest: reduce investment and maximize cash flow
Maintain: Continue to support marketing activities
Consolidate: buy rivals, aim for monopoly
What are the benefits of being a first mover in the ILC? - 🧠 ANSWER ✔✔1.
limited competition
2. growing customer demand
3. Set standard
