(TCO 1) List the four components that describe the entrepreneurial innovation model. Which component is the most critical to success? Defend your choice.(Points : 25)
(TCO 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, timeframe, and resources.(Points : 25)
(TCO 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)
(TCO 2) One search strategy used to discover innovation opportunities is termed Deep Dive. Define Deep Dive as a search strategy and briefly describe a limitation associated with it. Illustrate one way in which advocates of the Deep Dive approach to innovation can mitigate the significant limitation associated with this methodology.(Points : 25)
(TCO 3) When using creativity to generate new concepts, should our focus primarily be directed to external markets? Why, or why not? Defend your answer and offer a specific example to support it.(Points : 25)
(TCO 9) Products fail for many reasons, and testing can identify possible failure points before launch. When preparing a budget for product testing, explain why or why not you would invest the time and money to identify delighters, those things that make customers happy even if customers do not explicitly demand these features. If you would, what technique would you use to identify delighters?(Points : 25)
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(TCO 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)
(TCO 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)
(TCO 6) Understanding our market and estimating future demand is required when formulating recommendations for a product launch. You are charged with selecting a method to solve some specific problems with a new product. These problems must be resolved before sales forecasts can be made and development activities planned. What method would you select (market surveys, brainstorming, expert opinion, or developing scenarios)? Why is your selected method most appropriate for the situation described?(Points : 25)
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