Define innovation and discuss its importance and current approaches that companies use to stimulate it.
What will be an ideal response?
Technological success is based upon innovation,and innovation requires imagination and risktaking. Companies attempting to innovate often limit their searches to areas they are already familiar with. This can help lead to incremental progress but rarely leads to a dramatic breakthrough. Companies currently use several approaches to keep innovation strong. These include the following:Building scenarios: Some firms use teams of writers to imagine detailed opportunities and threats for their companies, partners, and collaborators in future markets.Enlisting the Web: A few companies have created websites that act as literal marketplaces of ideas where innovators can go to look for help with scientific and business challenges.Talking to early adopters: Early adopters tend to be innovators themselves. They are risk takers and look for or wish for something better to help in daily tasks at home and work.Using marketing research: Firms find out what customers like and dislike about their products and competitors' products.Creating an innovative environment: Companies let employees know that they have the freedom to fail. They create intranets to encourage sharing ideas. Most importantly, top management must lead by example to create an atmosphere where innovation is encouraged and rewarded.Catering to entrepreneurs: Policies that reserve blocks of time for scientists or engineers to explore their own ideas have worked well at some companies.
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Which of the following is not an example of deceptive advertising?
A. Using a term like "clearance price" when the item is not being sold at a reduced rate. B. Misrepresenting the prices of competitors. C. Artificially inflating the original retail price of an item so that when it is featured as a sale item, it looks more marked down than it actually is. D. Claiming that for the price, the item is the best money can buy.
Which mental templates are the patterns of thought we carry with us?
A. schemata B. overattributions C. perceptual sets D. frameworks
The benefit of using data from a firm's MIS for making marketing strategy decisions is that marketing managers trust the data and are assured of its veracity.
Answer the following statement true (T) or false (F)
If I worked in purchasing in my company, it would be unethical for me to accept season tickets for my city's NBA team from the company that has supplied catering for the company's training sessions
Indicate whether the statement is true or false