Final Exam

Question 1

What is the 4 step ideation process?

Answer 1

1. Select a problem area. 2. Explore a specific problem. 3. Propose and test alternative product ideas. Perfect the top product idea.

Question 2

What is the difference between oysters and eagles?

Answer 2

Oysters- broad and opportunistic.

Eagles- narrow and focused

Question 3

What 5 things can you do to sharpen the product angle?

Answer 3

Unique product claim. Need to believe. Dominate situations. Reason to believe. Quantifiable support.

Question 4

What is unique product claim?

Answer 4

How are we better than everyone else?

Question 5

What is need to believe?

Answer 5

What pain point are you solving?

Question 6

What is dominate situations?

Answer 6

How/ what does the product dominate?

Question 7

What is reason to believe?

Answer 7

DEMONSTRATE product.

Question 8

What is quantifiable support?

Answer 8

Facts and figures

Question 9

What are connectors?

Answer 9

People specialists

Question 10

What are mavens?

Answer 10

Information specialists

Question 11

What are salespeople?

Answer 11

The devil! JK Levi ;) Persuasion specialists

Question 12

What are marketing events good for?

Answer 12

Create buzz for product. CONSUMPTION EXPERIENCE.

Question 13

What are the 5 rules to marketing events?

Answer 13

Make sure its all about your product. Make sure its high quality to match your product. Connect the event with local cause. Target specific audience- who are you trying to bring to that event. Send home a personalized souvenir.

Question 14

How do you select the right channel?

Answer 14

Put the product where people are ready to buy, ready to pay, and know that good alternatives are out of reach. (Ex: red bull)

Question 15

How do you fire a frenzy?

Answer 15

Give people a reason to take action now.

Question 16

What are three tactics in firing a frenzy?

Answer 16

Fear- make them feel like there is a limited amount left. Uncertainty- (B2B) Are they going with someone else? Greed- want to be seen as on the cutting edge.

Question 17

Leveraging leverage suggests that you should only do something yourself if-

Answer 17

You can do it well and you have the energy/ bandwidth.

Question 18

What does it mean to unleash the power of horses?

Answer 18

Using brand champions who are influential who can sell your brand

Question 19

What does it mean to empower early?

Answer 19

Get Adopter customers (first people to purchase) to sell to others.

Question 20

What does it mean to land an anchor customer and what is an example?

Answer 20

Get into a place where people will buy. Orabrush gets into Walmart.

Question 21

What does it mean to work with benefactors?

Answer 21

Join with another company that benefits from your success.

Question 22

What is the purpose of an advisory board?

Answer 22

They have experience and can give you good advice.

Question 23

Cross tabs

Answer 23

Frequency

Question 24

Analysis of variance

Answer 24

Variability

Question 25

Regression analysis

Answer 25

Correclation

Question 26

Factor analysis

Answer 26

group

Question 27

Cluster analysis

Answer 27

Segment.

Question 28

Discriminant analysis

Answer 28

Perceptual maps

Question 29

MaxDiff analysis

Answer 29

Most/ least

Question 30

Conjoint analysis

Answer 30

Tradeoffs

Question 31

Existing product. Existing market

Answer 31

Market penetration

Question 32

New product existing market

Answer 32

Product development

Question 33

Existing product, new market

Answer 33

Market development

Question 34

New product, new market

Answer 34

diversification

Question 35

According to Guy Kawasaki, what are the 3 reasons to start a business?

Answer 35

1. Increase quality of life 2. Right a wrong. 3. Increase quality of life Try to make meaning, not money.

Question 36

What does R&D stand for?

Answer 36

Rip off and design

Question 37

What is important to remember from the first guest speaker?

Answer 37

Acquire, engage, convert. Learn some stuff. Have some fun.

Question 38

What does the white thinking hat have to do with?

Answer 38

Facts

Question 39

What does the red thinking hat have to do with?

Answer 39

Emotions (1-10) scale. Want a 7.5 or better.

Question 40

What does the yellow thinking hat have to do with?

Answer 40

Positive judgment

Question 41

What does the black thinking hat have to do with?

Answer 41

Critical judgment

Question 42

What does the green thinking hat have to do with?

Answer 42

Creativity

Question 43

What does the blue thinking hat have to do with?

Answer 43

summary.

Question 44

What are the 3 things to know about diffusion of innovations research?

Answer 44

1. Distinct advantage 2. Current way of doing things 3. Easy to use

Question 45

What is crowd funding?

Answer 45

Collection of funds from a large pool of backers. Generally collected online by means of a web platform.

Question 46

What are the 7 ways to act big?

Answer 46

Technology, people, ideas, in the press, at trade shows, dominating a market, get your swagger on.

Question 47

What are the 7 things entrepreneurs can do to gain credibility?

Answer 47

Dress the part, speak the language, seem to understand, LISTEN, set correct expectations, be responsive, deliver results.