IB Business Management MCQ QuizIB_Business_Management_5_8 Crisis

Identify the term used to describe the activities taken by an organization to investigate the unknown, such as new products, and use the data to create new or improved products or processes that may be commercially viable.

• Innovation

• Market orientation

• Product orientation

• Research and development

Research and Development (R&D) is most viable in __________ industries, but unlikely to be commercially viable in ___________ industries.

• Developed, developing

• Developing, developed

• Sunrise, sunset

• Sunset, sunrise

Identify the incorrect advantage of conducting R&D.

• First mover advantage

• Higher prices can be charged

• Improves the firm’s corporate image

• There are lower opportunity costs

Identify the incorrect statement about conducting R&D.

• There are high costs

• There are time constraints

• The product’s life cycle is shortened

• The rate of failure tends to be high

Identify the correct limitation of conducting R&D.

• Competitive advantages via differentiation cannot be achieved

• Market trends are difficult to predict

• Product quality can be improved

• Tax incentives may be available

Identify the marketing approach that produces goods and services to address the unmet needs of customers that they are not yet aware of.

• Commercial marketing

• Market orientation

• Product orientation

• Social marketing

Identify the incorrect example of intellectual property protection (IPP).

• Copyrights

• Goodwill

• Patents

• Trademarks

_________ provide legal protection to artists and authors, whereas _________ are exclusive rights for a newly invented product or process.

• Copyrights, patents

• Copyrights, trademarks

• Patents, copyrights

• Trademarks, patents

Identify the length of time a patent protects an idea in most economically developed countries, provided the necessary fees are paid.

• 1 year

• 5 years

• 12 years

• 20 years

Identify the incorrect label of a trademark or copyright.

• ©

• ®

• ℗

• TM