2. What is value innovation? All of the above Outperforming the competition Segmenting the market and accommodating customers’ individual needs and differences Building layers of competitive advantage Making competition irrelevant by offering fundamentally new and superior value in existing markets

3. Value Innovators emphasize ______________________, not just the competition

4. Value Innovation focuses on ____________ ______ ___________ in an industry

5. TRUE or FALSE? In the neoclassical view of economics, innovation is an exogenous part of a firm.

6. This game theory term describes a situation in which a participant's gain or loss is exactly balanced by the losses or gains of the other participant