$4$ As we discussed in class, Elpida Memory Inc., the old market leader in the memory chip market, went bankrupt in $2012.$ I asked ChatGPT to explain the reason for the Elpida Memory bankruptcy, and its answer was as follows.

ChatGPT's answer: Elpida Memory, a Japanese semiconductor company specializing in dynamic random$-$access memory $($DRAM$)$ production, faced financial challenges due to an inability to adapt to changing market conditions. The company's internal structures and processes hindered its ability to respond effectively to shifts in the dynamic semiconductor industry. Elpida Memory's failure to diversify its product offerings and adapt to emerging technologies left it vulnerable to market fluctuations. The company's focus on a specific type of memory technology and obsess with technological superiority, without sufficient flexibility to explore new opportunities, contributed to its downfall. In an industry where innovation and adaptability are crucial, Elpida's lack of agility limited its capacity to compete with more versatile competitors. Furthermore, Elpida may have struggled to

keep up with rapidly evolving consumer demands and technological advancements. The inability to adjust its strategies and operations to meet changing customer preferences and industry trends likely impacted the company's market position.

ChatGPT seems to explain well why Elpida Memory went bankrupt. But, as a student who took the Innovation Management and Strategy class at SKKU, you believe that its answer could have been even better if it had incorporated the concepts of three terms that we learned in our class. $[15$pt$]$

$(4-$a$)$ What are the three terms related to this Al's answer? $[6$pt; $2$pt for each term$]$

$(4-$b$)$ Describe the concept of each term. $[9$pt; $3$pt for each term$]$