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MGT 3830 Exam 2 Study Guide (Got A+ on the test)

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Louisiana State University
MGT 3830

MGT 3830 Exam 2 Study GuideChapter 11TechnologyBased Industries and the Management of InnovationThe Innovation ProcessInvention is the creation of new products and processes through the development of new knowledge or from new combinations of existing knowledge oMost inventions are the result of novel applications on existing knowledgeInnovation is the initial commercialization of invention by producing and marketing a new good or service or by using a new method of productionoMany innovations may involve little or no new technologyBasic KnowledgeInventionInnovationDiffusionIMITATIONADOPTIONSupplyDemandHistorically the lags between creation and innovation have been long but recently the innovation cycle has sped upThe Profitability of InnovationRD intensity and frequency of new product introductions tend to be negatively associated with profitabilityThe value created by an innovation is distributed among a number of different parties Regime of appropriabilityostronginnovator captures substantial share of value created oweakother parties derive most of the valueo4 Factors in determining extent to which innovators appropriate value1 Property Rights in InnovationPatentsexclusive rights to a new and useful product process substance or design Requires that the invention is novel useful and not excessively obvious Valid for 17 yrs 14 yrs for designCopyrightsexclusive production publication or sales rights to the creators of artistic literary dramatic or musical worksTrademarkswords symbols or other marks used to distinguish the goods or services supplied by a firmTrade secretsoffer a modest degree of legal protection for knowledge acquired in the course of businessWhile patents and copyrights establish property rights their disadvantage is that they make information publicoSome companies exploit patent portfolio as a revenue source through royalty income
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