final flash

Question 1

Innovators

Answer 1

Initial adopters of the the product, willing to work with bugs

Question 2

Early Adopters

Answer 2

A person who starts using a product or technology as soon as it becomes available to the public, demanding but provide valuable feeback

Question 3

Early Majority

Answer 3

Are not and will not buy until the product’s value is demonstrated, when broken through the product has officially gone mainstream

Question 4

Late Majority

Answer 4

Only purchase after the majority of people have

Question 5

Laggards

Answer 5

In pure denial of the product and do not buy the product until they feel like they truly have no choice

Question 6

Why is diversity important in a founding team? (Rent the Runway, Xiaomi)

Answer 6

1. Greater creativity and innovation from different perspectives
2. Reduced employee turnover
3. Connect to a wider range of customers

Question 7

Cost leadership key elements to success:

Answer 7

Economies of scale-efficient plants, Process innovation, Outsourcing (especially overseas)

Question 8

Differentiation key elements to success:

Answer 8

Emphasis on branding advertising, design, service, quality, and new product development

Question 9

The Innovator’s Dilemma is:

Answer 9

Should I lose money in the short term to hop on the new S-Curve or not pivot and let my company be gobbled up in the long-term?

Question 10

What are some typical ways to segment a market?

(WILL BE ON QUIZ)

Answer 10

Geographic - Country. Region, Urban/Rural

Demographic - Age. income, gender

Psychographic - Personality traits/ interests

Benefits Sought - Convenience, value, safety, status

Behavioral (Physical) - Physical habits

(GDPBB)

Question 11

Lean Startup vs Design Thinking

Answer 11

Lean Startup - Focuses on when you have an hypothesis and creating a product that can have product-market fit

Design Thinking - When the idea is properly developed through the creation of the product

Question 12

Ecosystems

Answer 12

The main critical source of a competitive advantage, one of the only things in business that are very, very hard to imitate

Question 13

Risk of ecosystems

Answer 13

Since every party contributes to the puzzle, if one party fails deliver it could become a massive bottleneck and mess everything up

Question 14

What are the two main types of competitive advantage?

Answer 14

1. Cost: similar product at lower cost
2. Differentiation: price premium from unique product

Question 15

Phases of a Technology S-Curve

https://gyazo.com/32a3b19d3dcf73a270e6681b745c864e

Answer 15

Exploration Phase → Phase early on in a tech s-curve figuring out how to expand and move towards mass expansion

Exploitation Phase → When you get to abuse the knowledge you gained from the exploration phase and see massive growth

Question 16

How do you choose a method of segmentation?

Answer 16

1. Perform qualitative and then quantitative research
2. Talk to potential customers based on your assumptions
3. Adapt as needed and then focus on reaching early customers

Question 17

Jobs to be done def

Answer 17

what the customer wants out of their purchase (think of milkshake example)

Question 18

Different Models of Corporate Innovation

Answer 18

1. Open Innovation - involving the external ecosystem in the innovation process (Chez Panisse)
2. Internal Venturing - setting up internal venture units to invest in startups and external innovation; investing in startups (Boston Beer Co.)
3. Partnerships and Collaborations - partnering with other firms to co-create and co-innovate (Disney-Pixar, Nestle)
4. Corporate Accelerators and Incubators - big companies providing resources and support to startups and internal innovation projects. (Disney, Polygon)
5. Innovation Labs - A lab dedicated to exploring and experimenting with new ideas and technologies (Google)

Question 19

What are the 4 technological megatrends?

Answer 19

1. Artificial intelligence at scale
2. Advanced connectivity
3. Sustainable consumption
4. Cryptography

Question 20

Why does customer adoption follow an S curve?

Answer 20

As it provided a very useful way of breaking down the segements of adoption

Question 21

What are three factors a firm should consider when choosing a beachhead target consumer.

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Answer 21

They need to take into account the traits of learning, coherence, and reference.

Question 22

What are some current trends in technology?

Answer 22

Artificial intelligence at scale (Chat GPT, AI Tools)

Advanced connectivity (Broadband speeds, 5G, 6G, etc.)

Sustainable consumption (All companies)

Digital trust (Encryption, Cybersecurity Companies)

Question 23

What is the difference between a Sustaining Innovation & a Disruption Innovation?

(WILL BE ON QUIZ)

Answer 23

Sustaining makes life better for all customers (ex: Netflix introducing Video Streaming)

Disruptive is High Risk, High Reward and introduces a very different set of attributes from the one mainstream customers historically value, but have the chance of eventually becoming market leaders

Question 24

How do you assess the attractiveness of a market?

Answer 24

competition, quality of market, revenue opportunity

Question 25

What are the phases of Design Thinking + What are the benefits + drawbacks?

Answer 25

1) Exploration Phase
2) Concepualizing Phase
3) Prototyping Phase

The benefit is you come up with ideas you may have never thought of before, however, it requires a lot of resources and time

Question 26

Why should a firm vertically integrate?

Answer 26

When you are at risk of a supplier taking advantage of your company or when you are developing a really complex product, you do not want to risk another company messing it up

Question 27

Questions an Entrepreneur should ask themselves

Answer 27

1. Do I have good goals?
2. Do I have the right strategy?
3. Can I execute the strategy?