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Bus M 241 > Final Exam > Flashcards

Final Exam Flashcards

1
Q

What is the 4 step ideation process?

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

What is the difference between oysters and eagles?

A

Oysters- broad and opportunistic.

Eagles- narrow and focused

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3
Q

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

A

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

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4
Q

What is unique product claim?

A

How are we better than everyone else?

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5
Q

What is need to believe?

A

What pain point are you solving?

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6
Q

What is dominate situations?

A

How/ what does the product dominate?

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7
Q

What is reason to believe?

A

DEMONSTRATE product.

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8
Q

What is quantifiable support?

A

Facts and figures

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9
Q

What are connectors?

A

People specialists

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10
Q

What are mavens?

A

Information specialists

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11
Q

What are salespeople?

A

The devil! JK Levi ;) Persuasion specialists

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12
Q

What are marketing events good for?

A

Create buzz for product. CONSUMPTION EXPERIENCE.

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13
Q

What are the 5 rules to marketing events?

A

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.

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14
Q

How do you select the right channel?

A

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

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15
Q

How do you fire a frenzy?

A

Give people a reason to take action now.

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16
Q

What are three tactics in firing a frenzy?

A

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.

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17
Q

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

A

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

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18
Q

What does it mean to unleash the power of horses?

A

Using brand champions who are influential who can sell your brand

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19
Q

What does it mean to empower early?

A

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

20
Q

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

A

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

21
Q

What does it mean to work with benefactors?

A

Join with another company that benefits from your success.

22
Q

What is the purpose of an advisory board?

A

They have experience and can give you good advice.

23
Q

Cross tabs

A

Frequency

24
Q

Analysis of variance

A

Variability

25
Q

Regression analysis

A

Correclation

26
Q

Factor analysis

A

group

27
Q

Cluster analysis

A

Segment.

28
Q

Discriminant analysis

A

Perceptual maps

29
Q

MaxDiff analysis

A

Most/ least

30
Q

Conjoint analysis

A

Tradeoffs

31
Q

Existing product. Existing market

A

Market penetration

32
Q

New product existing market

A

Product development

33
Q

Existing product, new market

A

Market development

34
Q

New product, new market

A

diversification

35
Q

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

A
  1. Increase quality of life
  2. Right a wrong.
  3. Increase quality of life
    Try to make meaning, not money.
36
Q

What does R&D stand for?

A

Rip off and design

37
Q

What is important to remember from the first guest speaker?

A

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

38
Q

What does the white thinking hat have to do with?

A

Facts

39
Q

What does the red thinking hat have to do with?

A

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

40
Q

What does the yellow thinking hat have to do with?

A

Positive judgment

41
Q

What does the black thinking hat have to do with?

A

Critical judgment

42
Q

What does the green thinking hat have to do with?

A

Creativity

43
Q

What does the blue thinking hat have to do with?

A

summary.

44
Q

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

A
  1. Distinct advantage
  2. Current way of doing things
  3. Easy to use
45
Q

What is crowd funding?

A

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

46
Q

What are the 7 ways to act big?

A

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

47
Q

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

A

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

Bus M 241 (6 decks)

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