FREE Master of Engineering Management Technology & Innovation Management Questions and Answers

Question 1

early market entrants who weren't the first

Accepted Answer

early followers

Answer

Early followers, also known as early adopters or second movers, are companies that enter a market after the initial pioneers (first movers) but still relatively early in the market's development. They benefit from observing the first movers' successes and failures, allowing them to refine products, processes, or business models and potentially capture market share without bearing the full risks of initial market creation.

Question 2

something that is visualized or thought in the mind

Accepted Answer

idea

Answer

An 'idea' is a thought, concept, or mental impression formed in the mind. It is the initial stage of conceptualization before it is developed into something tangible or put into practice. While 'innovation' refers to the implementation of a new idea, 'idea' best fits the description of something visualized or thought in the mind.

Question 3

knowledge that is difficult to codify

Accepted Answer

tacit knowledge

Answer

Tacit knowledge is personal, context-specific, and difficult to formalize, articulate, or communicate to others. It is often gained through experience and practice, residing in an individual's head and manifesting as skills, insights, and intuition. Unlike explicit knowledge, which can be easily codified and transmitted, tacit knowledge is challenging to transfer.

Question 4

expenses (or advantages) that are paid for (or enjoyed) by people other than the ones who caused them. Everyone is impacted by the company's pollution.

Accepted Answer

externalities

Answer

Externalities are costs or benefits that affect a third party who is not directly involved in an economic transaction. In the given example, pollution from a company impacts everyone, even those not buying or selling the company's products. These are negative externalities because the cost (pollution) is borne by society, not just the company or its customers.

Question 5

geographical groups of businesses connected by a shared technology that may work together on research projects as well as in buyer, supplier, and complementor interactions.

Accepted Answer

technology clusters

Answer

Technology clusters are geographic concentrations of interconnected companies, specialized suppliers, service providers, firms in related industries, and associated institutions (e.g., universities, trade associations) in a particular field. These clusters foster collaboration, knowledge sharing, and competition, often leading to innovation and economic growth within that technological domain, aligning perfectly with the description.

MEM - Master of Engineering Management Practice Test

MEM - Master of Engineering Management Practice Test

FREE Master of Engineering Management Technology & Innovation Management Questions and Answers