final exam Flashcards
What is a product prototype?
a functional, not final version of a product or service that businesses can use for testing, to solicit feedback, and to introduce to investors before officially launching to a wider market
What would be key steps here? product prototype
Start Crafting Your Ideas.
Create a Rough Representation
Create a Physical Prototype
Refine Your Prototype to Perfection.
What are the dimensions of product prototyping?
x
breadth (horizontal prototypes),
depth (vertical prototypes),
look
interaction
What are the prototyping techniques?
Rapid (Throwaway) prototyping.
Evolutionary prototyping.
Incremental prototyping.
Extreme prototyping.
What is a job story?
a more generalized and enhanced version of user stories that primarily focus on defining user tasks in a product design
How is the service designed?
a human-centered approach that focuses on customer experience and the quality of service encounter as the key value for success
What are characteristics of service vs. product design?
Service design is the coordination and combination of people, communication, and material components to create quality service. Product design is the combination of manufacturing capabilities with product and business knowledge to convert ideas into physical and usable objects.
What is a storyboard?
A storyboard is a graphic organizer that consists of illustrations or images displayed in sequence for the purpose of pre-visualizing
What is a business model?
Describes how an organization creates, delivers, and captures value, in economic, social, cultural or other contexts.
What is revenue?
income after fixed and variable costs
Describe a general structure of P&L (Profit & Loss)
It begins with an entry for revenue, known as the top line, and subtracts the costs of doing business, including the cost of goods sold, operating expenses, tax expenses, and interest expenses. The difference, known as the bottom line, is net income, also referred to as profit or earnings.
What are key margins in P&L (Profit & Loss)
Gross margin (or gross profit) is the difference between the revenue and direct costs on your P&L. Gross margin tells you two important things: how much of your revenue is being funneled into direct costs (less is better), and how much you have left over for all of the company’s overhead expenses.
What is break-even?
when the expenses equal your revenue
What are the types of costs in a business?
fixed and variable
What is NPV (Net Present Value)?
the difference between the present value of cash inflows and the present value of cash outflows over a period of time.
