CAT Exam > CAT Notes > CMAT Mock Test Series > Innovation and Entrepreneurship: Important Terms - 1
Innovation and Entrepreneurship: Important Terms - 1 | CMAT Mock Test Series - CAT PDF Download
- Product Life Cycle (PLC) – Four stages. Introduction > Growth > Maturity > Decline
- Six Sigma is a set of techniques and tools for process improvement. It was developed by Motorola in 1986. Jack Welch made it central to his business strategy at General Electric in 1995. A six sigma process is one in which 99.99966% of the products manufactured are statistically expected to be free of defects (3.4 defective parts/million).
- Competitive Advantage - Creating and sustaining superior performance – A book by Michael Porter
- Quality circle – A quality circle or quality control circle is a group of workers who do the same or similar work, who meet regularly to identify, analyze and solve work-related problems. Quality Circle concept was first introduced in India by S. R. Udpa.
- Fiedler contingency model – The contingency model by business and management psychologist Fred Fiedler is a contingency theory concerned with the effectiveness of a leader in an organisation.
- Predatory pricing – Predatory pricing is a pricing strategy, using the method of undercutting on a larger scale, where a dominant firm in an industry will deliberately reduce its prices of a product or service to loss-making levels in the short-term.
- Oligopoly – An oligopoly is a market form wherein a market or industry is dominated by a small group of large sellers.
- Monopoly – A monopoly exists when a specific person or enterprise is the only supplier of a particular commodity.
- Monopsony – In economics, a monopsony is a market structure in which a single buyer substantially controls the market as the major purchaser of goods and services offered by many would-be sellers.
- Good to Great – A management book by James C. Collins that aims to describe how companies transition from being average companies to great companies and how companies can fail to make the transition.
- Appreciative inquiry – A model for analysis, decision-making and the creation of strategic change, particularly within companies and other organizations. It was developed at Case Western Reserve University’s department of Organizational behavior, starting with a 1987 article by David Cooperrider and Suresh Srivastva.
- Akio Morita – A Japanese businessman and co-founder of Sony along with Masaru Ibuka. In 1986, Morita wrote an autobiography titled Made in Japan.
- Lateral thinking – A term coined by Edward de Bono which refers to solving problems through an indirect and creative approach. Lateral thinking is about reasoning that is not immediately obvious and about ideas that may not be obtainable by using only traditional step-by-step logic.
- Open Space Technology (OST) – An approach to purpose based leadership, including a way for hosting meetings, conferences, corporate-style retreats, symposiums, and community summit events, focused on a specific and important purpose or task—but beginning without any formal agenda, beyond the overall purpose or theme.
- 360-degree feedback – A feedback that comes from members of an employee’s immediate work circle. The German military first began gathering feedback from multiple sources in order to evaluate performance during World War II.
- Blue Ocean Strategy – A book published in 2005 and written by W. Chan Kim and Renée Mauborgne. Based on a study of 150 strategic moves spanning more than a hundred years and thirty industries, Kim & Mauborgne argue that companies can succeed not by battling competitors, but rather by creating “blue oceans” of uncontested market space.
- James C. “Jim” Collins – An American business consultant, author, and lecturer on the subject of company sustainability and growth. His books include: Built to Last, Beyond Entrepreneurship, Good to Great, How the Mighty Fall, Great By Choice.
- Economic Value Added (EVA) – An estimate of a firm’s economic profit – being the value created in excess of the required return of the company’s investors (being shareholders and debt holders). Quite simply, EVA is the profit earned by the firm less the cost of financing the firm’s capital.
- Competitive Advantage – When a firm sustains profits that exceed the average for its industry, the firm is said to possess a competitive advantage over its rivals. The goal of much of business strategy is to achieve a sustainable competitive advantage. Michael Porter identified two basic types of competitive advantage: Cost advantage, Differentiation advantage.
- The McKinsey 7S Framework – A management model developed by well-known business consultants Robert H. Waterman, Jr. and Tom Peters (who also developed the MBWA – “Management by Walking Around” motif, and authored In Search of Excellence) in the 1980s. This was a strategic vision for groups, to include businesses, business units, and teams. The 7S are structure, strategy, systems, skills, style, staff and shared values.
- The balanced scorecard (BSC) is a strategy performance management tool that can be used by managers to keep track of the execution of activities by the staff within their control and to monitor the consequences arising from these actions. The original four “perspectives” are Financial, Customer, Internal business processes, Learning and growth. The tool was created by Robert S. Kaplan and David P. Norton.
- The situational leadership theory – A leadership theory developed by Paul Hersey, professor and author of the book Situational Leader, and Ken Blanchard, leadership guru and author of The One Minute Manager, while working on the first edition of Management of Organizational Behaviour. The theory was first introduced as “Life Cycle Theory of Leadership”.
- Approaches to Global Staffing:
- Ethnocentric staffing: Primarily hiring expatriates for higher-level foreign positions.
- Polycentric staffing: More host-country nationals are used throughout the organization, from top to bottom
- Regiocentric staffing: Regional groups of subsidiaries reflect organization’s strategy and structure work as a unit
- Geocentric staffing: Using worldwide integrated business strategy to hire the best person for the job
- The managerial grid model (1964) – A situational leadership model developed by Robert R. Blake and Jane Mouton. This model originally identified five different leadership styles based on the concern for people and the concern for production.
- Maslow’s hierarchy of needs – A theory in psychology proposed by Abraham Maslow in his 1943 paper “A Theory of Human Motivation” in Psychological Review. Maslow used the terms Physiological, Safety, Belongingness and Love, Esteem, Self-Actualization and Self-Transcendence needs to describe the pattern that human motivations generally move through.
The document Innovation and Entrepreneurship: Important Terms - 1 | CMAT Mock Test Series - CAT is a part of the CAT Course CMAT Mock Test Series.
All you need of CAT at this link: CAT
|
18 videos|55 docs|26 tests
|
FAQs on Innovation and Entrepreneurship: Important Terms - 1 - CMAT Mock Test Series - CAT
| 1. What is the Product Life Cycle concept and how does it relate to innovation and entrepreneurship? |  |
Ans. The Product Life Cycle concept describes the stages a product goes through from introduction to decline. For innovation and entrepreneurship, understanding where a product is in its life cycle can help in developing new ideas for improving or replacing existing products.
| 2. How can Six Sigma be applied in the context of innovation and entrepreneurship? | |
Ans. Six Sigma is a methodology for improving processes by reducing defects or errors. In innovation and entrepreneurship, Six Sigma can be used to ensure that new products or services meet quality standards and are developed efficiently.
| 3. What is Competitive Advantage and why is it important for entrepreneurs? | |
Ans. Competitive Advantage refers to the unique qualities or strengths that set a business apart from its competitors. For entrepreneurs, having a competitive advantage can help attract customers, increase market share, and achieve long-term success.
| 4. How do Quality Circles contribute to innovation and entrepreneurship in a business setting? | |
Ans. Quality Circles are groups of employees who come together to identify and solve work-related problems. In an innovation and entrepreneurship context, Quality Circles can help generate new ideas, improve processes, and foster a culture of continuous improvement.
| 5. How does Maslow's Hierarchy of Needs theory relate to entrepreneurship and innovation? | |
Ans. Maslow's Hierarchy of Needs theory suggests that individuals have different levels of needs, starting from basic physiological needs to higher-level self-actualization. In entrepreneurship and innovation, understanding these needs can help in developing products or services that cater to customers' desires and motivations.
Related Exams
About this Document
|
Nov 06, 2024 Last updated |
Document Description: Innovation and Entrepreneurship: Important Terms - 1 for CAT 2024 is part of CMAT Mock Test Series preparation.
The notes and questions for Innovation and Entrepreneurship: Important Terms - 1 have been prepared according to the CAT exam syllabus. Information about Innovation and Entrepreneurship: Important Terms - 1 covers topics
like and Innovation and Entrepreneurship: Important Terms - 1 Example, for CAT 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises and tests below for Innovation and Entrepreneurship: Important Terms - 1.
Introduction of Innovation and Entrepreneurship: Important Terms - 1 in English is available as part of our CMAT Mock Test Series
for CAT & Innovation and Entrepreneurship: Important Terms - 1 in Hindi for CMAT Mock Test Series course.
Download more important topics related with notes, lectures and mock test series for CAT
Exam by signing up for free. CAT: Innovation and Entrepreneurship: Important Terms - 1 | CMAT Mock Test Series - CAT
Description
Full syllabus notes, lecture & questions for Innovation and Entrepreneurship: Important Terms - 1 | CMAT Mock Test Series - CAT - CAT | Plus excerises question with solution to help you revise complete syllabus for CMAT Mock Test Series | Best notes, free PDF download
Information about Innovation and Entrepreneurship: Important Terms - 1
In this doc you can find the meaning of Innovation and Entrepreneurship: Important Terms - 1 defined & explained in the simplest way possible. Besides explaining types of
Innovation and Entrepreneurship: Important Terms - 1 theory, EduRev gives you an ample number of questions to practice Innovation and Entrepreneurship: Important Terms - 1 tests, examples and also practice CAT
tests
|
Explore Courses for CAT exam
|
|
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
Related Searches
Innovation and Entrepreneurship: Important Terms - 1 | CMAT Mock Test Series - CAT
,mock tests for examination
,practice quizzes
,Exam
,Previous Year Questions with Solutions
,Extra Questions
,MCQs
,Free
,shortcuts and tricks
,Summary
,Viva Questions
,Important questions
,Sample Paper
,Objective type Questions
,Innovation and Entrepreneurship: Important Terms - 1 | CMAT Mock Test Series - CAT
,study material
,ppt
,Innovation and Entrepreneurship: Important Terms - 1 | CMAT Mock Test Series - CAT
,Semester Notes
,video lectures
,past year papers
;
Additional Information about Innovation and Entrepreneurship: Important Terms - 1 for CAT Preparation
Innovation and Entrepreneurship: Important Terms - 1 Free PDF Download
The Innovation and Entrepreneurship: Important Terms - 1 is an invaluable resource that delves deep into the core of the CAT exam.
These study notes are curated by experts and cover all the essential topics and concepts, making your preparation more efficient and effective.
With the help of these notes, you can grasp complex subjects quickly, revise important points easily,
and reinforce your understanding of key concepts. The study notes are presented in a concise and easy-to-understand manner,
allowing you to optimize your learning process. Whether you're looking for best-recommended books, sample papers, study material,
or toppers' notes, this PDF has got you covered. Download the Innovation and Entrepreneurship: Important Terms - 1 now and kickstart your journey towards success in the CAT exam.
Importance of Innovation and Entrepreneurship: Important Terms - 1
The importance of Innovation and Entrepreneurship: Important Terms - 1 cannot be overstated, especially for CAT aspirants.
This document holds the key to success in the CAT exam.
It offers a detailed understanding of the concept, providing invaluable insights into the topic.
By knowing the concepts well in advance, students can plan their preparation effectively.
Utilize this indispensable guide for a well-rounded preparation and achieve your desired results.
Innovation and Entrepreneurship: Important Terms - 1 Notes
Innovation and Entrepreneurship: Important Terms - 1 Notes offer in-depth insights into the specific topic to help you master it with ease.
This comprehensive document covers all aspects related to Innovation and Entrepreneurship: Important Terms - 1.
It includes detailed information about the exam syllabus, recommended books, and study materials for a well-rounded preparation.
Practice papers and question papers enable you to assess your progress effectively.
Additionally, the paper analysis provides valuable tips for tackling the exam strategically.
Access to Toppers' notes gives you an edge in understanding complex concepts.
Whether you're a beginner or aiming for advanced proficiency, Innovation and Entrepreneurship: Important Terms - 1 Notes on EduRev are your ultimate resource for success.
Innovation and Entrepreneurship: Important Terms - 1 CAT Questions
The "Innovation and Entrepreneurship: Important Terms - 1 CAT Questions" guide is a valuable resource for all aspiring students preparing for the
CAT exam. It focuses on providing a wide range of practice questions to help students gauge
their understanding of the exam topics. These questions cover the entire syllabus, ensuring comprehensive preparation.
The guide includes previous years' question papers for students to familiarize themselves with the exam's format and difficulty level.
Additionally, it offers subject-specific question banks, allowing students to focus on weak areas and improve their performance.
Study Innovation and Entrepreneurship: Important Terms - 1 on the App
Students of CAT can study Innovation and Entrepreneurship: Important Terms - 1 alongwith tests & analysis from the EduRev app,
which will help them while preparing for their exam. Apart from the Innovation and Entrepreneurship: Important Terms - 1,
students can also utilize the EduRev App for other study materials such as previous year question papers, syllabus, important questions, etc.
The EduRev App will make your learning easier as you can access it from anywhere you want.
The content of Innovation and Entrepreneurship: Important Terms - 1 is prepared as per the latest CAT syllabus.
|
© EduRev
|
Education Revolution
|
Follow Us
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup