Untitled Flashcards Set

Advancements in financial systems Improvements in the efficiency, speed, and accessibility of financial transactions and services.;Advancements in logistical systems Innovations in the movement and storage of goods, leading to greater efficiency and reach.;Advancements in production systems Modern manufacturing methods that optimize inventory and production flow.;Advancements in prototyping Technologies that enable rapid creation of product prototypes.;Boston Consulting Group matrix A tool for analyzing a company's product portfolio based on market share and growth.;Characteristics of high-performance teams Qualities that contribute to effective teamwork.;Competitive Dynamics It helps in understanding the competitive dynamics and identifying direct competitors.;Competitor/competing product analysis Evaluating the strengths and weaknesses of competitors and their products.;Concentric Diversification Expanding into related industries or products.;Conflict management/resolution strategies Techniques for addressing conflicts within teams or organizations.;Conformity/peer pressure The influence of group norms on individual behavior.;Conglomerate Diversification Expanding into unrelated industries or products.;Customer/market segment analysis Identifying and understanding target customer groups.;Design Patent Protection for the ornamental design of a functional item.;Disruptive effects of digitalization and the internet The transformative impact of digital technologies on industries.;Diversity and creativity of R&D project teams The relationship between team diversity and innovative output.;Division of labor The allocation of tasks to increase efficiency.;Example of advancements in financial systems The rise of cashless payment systems like Apple Pay and digital currencies such as Bitcoin.;Example of advancements in logistical systems Container shipping and advanced tracking technologies that enable just-in-time delivery.;Example of advancements in production systems A system where car parts arrive at the assembly line just as they are needed, minimizing storage.;Example of advancements in prototyping Using a 3D printer to quickly produce a model of a new product design.;Example of Boston Consulting Group matrix A high-growth product with a low market share is a 'question mark.';Example of characteristics of high-performance teams Clear goals, open communication, and mutual trust among team members.;Example of competitor/competing product analysis A company analyzing a competitor's pricing, features, and market share.;Example of conflict management/resolution strategies Confrontation, compromise, smoothing, forcing, and avoiding.;Example of conformity/peer pressure Team members going along with a decision they disagree with to avoid conflict.;Example of customer/market segment analysis A company researching the demographics and preferences of its customer base.;Example of Design Patent A patent on the unique shape of a bottle.;Example of disruptive effects of digitalization and the internet The shift from physical stores to e-commerce.;Example of diversity and creativity of R&D project teams A team with members from different backgrounds generating more creative ideas.;First to file A patent system where the first inventor to file gets the patent.;GANTT Chart A project management tool for visualizing project schedules.;Innovation advantages of large and established companies Resources and capabilities that enable large companies to innovate.;Intellectual property (IP) Intangible assets that protect innovations.;Manufacturing trends in North America Changes in manufacturing practices in North America.;Market entry: 'Best heats first' Entering a market quickly and decisively.;Market estimates for new products Forecasting the potential demand for a new product.;Market segment characteristics/dimensions Variables used to define market segments.;NAICS codes Codes used to classify businesses by industry.;Patent application process The steps involved in obtaining a patent.;Patent Cooperation Treaty (PCT) An international treaty that simplifies filing patents in multiple countries.;Patent litigation Legal disputes related to patents.;Patent trends Differences in patent activity and effectiveness across countries.;Patents Exclusive rights granted for an invention.;Peer pressure and team creativity/decision quality The impact of group influence on team innovation and choices.;Plant patents Protection for new varieties of asexually reproducing plants.;Portfolio analysis techniques Methods for evaluating a company's collection of businesses or products.;Portfolio management of R&D projects Selecting and managing a mix of R&D projects.;Post-mortem meetings Reviews conducted after project completion to identify lessons learned.;Primary vs secondary data Original data collected firsthand versus data collected by someone else.;Proactive business strategies Anticipating and acting on future market needs.;Product life cycle The stages a product goes through from introduction to decline.;Project leadership (dynamics, complexities) The skills and challenges involved in leading project teams.;Project life cycle The stages a project goes through from initiation to closure.;Project management challenges Difficulties encountered in planning, executing, and closing a project.;Project meeting ground rules Guidelines for effective and productive project meetings.;Project milestones Significant points or events in a project's timeline.;Project plan A document that outlines a project's goals, tasks, resources, and schedule.;Project risk analysis Identifying and assessing potential risks to a project.;Project scheduling Developing a timeline for project tasks and milestones.;Project Scope Definition Project scope outlines the key elements of a project, including its goals, boundaries, tasks, deliverables, and strategies for managing workflows.;Project Time Management Project time management involves the processes required to manage the timely completion of a project.;Provisional Patent Application A legal document filed with the United States Patent and Trademark Office (USPTO) that allows an inventor to establish an early filing date for their invention without starting the formal patent examination process.;R&D Collaborations Research and Development (R&D) collaborations involve partnerships between companies, academic institutions, or other organizations to jointly conduct research and develop new products, services, or technologies.;Reactive Business Strategies Reactive business strategies are approaches where a company responds to events or changes in the business environment after they occur, rather than anticipating them.;Strategic Group Analysis A method used to categorize companies within an industry that have similar business models or strategies.;Substitute Products Substitute products are different products or services that satisfy the same customer need or desire.;SWOT Analysis SWOT analysis is a strategic planning tool used to identify and evaluate the Strengths, Weaknesses, Opportunities, and Threats related to a business or project.;Team Conflict Management Team conflict management involves addressing and resolving disagreements among team members in a constructive manner.;Team Development Stages The team development stages, often referred to as Tuckman's stages, describe the phases that teams typically go through as they form and evolve: Forming, Storming, Norming, Performing, and Adjourning.;Team Management Roles Team management roles refer to the various functions and responsibilities that leaders or managers undertake to facilitate effective teamwork.;Trade Secrets Trade secrets are confidential business information that provides a company with a competitive edge.;Types of Corporate Diversification Corporate diversification involves a company expanding into new markets or product lines.;U.S. Patent System Strengths The U.S. patent system provides strong intellectual property protections, encouraging innovation by granting exclusive rights to inventors.;U.S. Patent System Weaknesses It has weaknesses, such as long processing times, high costs, and occasional issues with patent quality.;Utility Patent A utility patent protects the functional aspects of an invention, such as a new process, machine, or composition of matter.;