Man 4720 Verified Solution 100% Correct Answers

MAN 4720 VERIFIED SOLUTION 100% CORRECT ANSWERS ________ is best described as the process of transformation of an idea into a new product or process, or the modification and recombination of existing ones. - invention - direct imitation - bootstrapping - lean manufacturing - ANSWER invention Invention describes the transformation of an idea into a new product or process, or the modification and recombination of existing ones. Which of the following statements about patents is not true? - A patent over a product translates into a permanent monopoly position. - A patent can be enforced in court. - A patent is a form of intellectual property. - A patent can be obtained when an invention is useful, novel, and non-obvious. - ANSWER A patent over a product translates into a permanent monopoly position. In the United States, the time period for the right to exclude others from the use of the technology is 20 years from the filing date of a patent application. Exclusive rights often translate into a temporary monopoly position until the patent expires. In the third step of the innovation process, a(n) - invention is imitated by competitors. - new idea is presented in terms of abstract concepts. - new idea is expressed as findings derived from basic research. - invention is commercialized by entrepreneurs. - ANSWER invention is commercialized by entrepreneurs. The innovation process begins with an idea. In the next step, invention describes the transformation of an idea into a new product or process, or the modification and recombination of existing ones. This is followed by commercialization. Innovation concerns the commercialization of an invention by entrepreneurs.