Final Exam Flashcards
What is the 4 step ideation process?
- Select a problem area. 2. Explore a specific problem. 3. Propose and test alternative product ideas. Perfect the top product idea.
What is the difference between oysters and eagles?
Oysters- broad and opportunistic.
Eagles- narrow and focused
What 5 things can you do to sharpen the product angle?
Unique product claim. Need to believe. Dominate situations. Reason to believe. Quantifiable support.
What is unique product claim?
How are we better than everyone else?
What is need to believe?
What pain point are you solving?
What is dominate situations?
How/ what does the product dominate?
What is reason to believe?
DEMONSTRATE product.
What is quantifiable support?
Facts and figures
What are connectors?
People specialists
What are mavens?
Information specialists
What are salespeople?
The devil! JK Levi ;) Persuasion specialists
What are marketing events good for?
Create buzz for product. CONSUMPTION EXPERIENCE.
What are the 5 rules to marketing events?
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.
How do you select the right channel?
Put the product where people are ready to buy, ready to pay, and know that good alternatives are out of reach. (Ex: red bull)
How do you fire a frenzy?
Give people a reason to take action now.
What are three tactics in firing a frenzy?
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.
Leveraging leverage suggests that you should only do something yourself if-
You can do it well and you have the energy/ bandwidth.
What does it mean to unleash the power of horses?
Using brand champions who are influential who can sell your brand
What does it mean to empower early?
Get Adopter customers (first people to purchase) to sell to others.
What does it mean to land an anchor customer and what is an example?
Get into a place where people will buy. Orabrush gets into Walmart.
What does it mean to work with benefactors?
Join with another company that benefits from your success.
What is the purpose of an advisory board?
They have experience and can give you good advice.
Cross tabs
Frequency
Analysis of variance
Variability
Regression analysis
Correclation
Factor analysis
group
Cluster analysis
Segment.
Discriminant analysis
Perceptual maps
MaxDiff analysis
Most/ least
Conjoint analysis
Tradeoffs
Existing product. Existing market
Market penetration
New product existing market
Product development
Existing product, new market
Market development
New product, new market
diversification
According to Guy Kawasaki, what are the 3 reasons to start a business?
- Increase quality of life
- Right a wrong.
- Increase quality of life
Try to make meaning, not money.
What does R&D stand for?
Rip off and design
What is important to remember from the first guest speaker?
Acquire, engage, convert. Learn some stuff. Have some fun.
What does the white thinking hat have to do with?
Facts
What does the red thinking hat have to do with?
Emotions (1-10) scale. Want a 7.5 or better.
What does the yellow thinking hat have to do with?
Positive judgment
What does the black thinking hat have to do with?
Critical judgment
What does the green thinking hat have to do with?
Creativity
What does the blue thinking hat have to do with?
summary.
What are the 3 things to know about diffusion of innovations research?
- Distinct advantage
- Current way of doing things
- Easy to use
What is crowd funding?
Collection of funds from a large pool of backers. Generally collected online by means of a web platform.
What are the 7 ways to act big?
Technology, people, ideas, in the press, at trade shows, dominating a market, get your swagger on.
What are the 7 things entrepreneurs can do to gain credibility?
Dress the part, speak the language, seem to understand, LISTEN, set correct expectations, be responsive, deliver results.
