FME Midterm

Question 1

What is ETA

Answer 1

Entrepreneurial Thought and Action. Two logics for creating the things that really matter to you by taking swift, confident, and smart action when faced with the unknown

CreAction & Prediction

Question 2

CreAction

Answer 2

Creaction is starting with what you have and being okay with making mistakes and having bumps in the road as you get to the goal that may change

Question 3

Prediction

Answer 3

avoiding failure at all costs, usually used when the outcome is well known and established

Question 4

What is HCD

Answer 4

Human Centered Design Process
encourages creation of new ideas/opportunities
iterative and team-based
demands practice
empathy is the basis

Question 5

AEIOU Framework

Answer 5

Activities, Environment, Interactions, Objects, Users

What are people doing?
How are people using the environment?
Do you see any routines?
What is being used or not used?
Who are the users? What are their roles?

Question 6

Observations

Answer 6

Description of only what you see w/out interpretation, bias, or judgement

Question 7

Insight

Answer 7

Analyzing reasons or causes of what you observed and trying to explain what you see

USERS need VERB because WHY

Question 8

OLEPP

Answer 8

skills needed for design: observation, listening, emotional intelligence, problem framing, problem solving

Question 9

Design Thinking process

Answer 9

Divergence - Empathize, Define
Convergence - Ideate, Prototype, Test

Question 10

Opportunity Assessment

Answer 10

Desirability, Feasibility, Viability (final solution is centered)

Question 11

Ideation Process

Answer 11

o Observations of unmet needs
o Insights & Interpretations
o Solution Space Categories
o Ideas/Solutions

Question 12

Customer

Answer 12

Someone who is both WILLING to pay and ABLE to pay for you product or service

the customer is not always the consumer

Question 13

Consumer

Answer 13

the person or group of people using the product or service

Question 14

Target Market

Answer 14

A well-defined group of consumers with similar characteristics at which a product/service is or will be aimed

Question 15

How are target markets found?

Answer 15

Market Segmentation: Dividing a broadly identified market into subsets of consumers that have, or seem to have common traits, needs, interests, and behaviors
o Demographics, geography, psychographics
- STP (Segmentation, Target Market Selection, Positioning)
o Segment your market
o Draw your positioning map

Question 16

Value Proposition

Answer 16

explains why customers turn to one solution over another and solves a customer problem or satisfies a need
o Not broad
o Strongest VP has focused and differentiated benefits
o Not solving everyone’s problem BUT a specific segment
- Features can be benefits BUT benefits are not features

Question 17

Perceptual Map

Answer 17

positioning your competitors on the map to see where there are opportunity spaces for you to enter

Question 18

Value Proposition (square)

Answer 18

o Gain creators additional benefits to customer that come from relieving customer pain
o Product Services  What do you provide that is helping?
o Pain relievers: How you alleviate the pain identified; how you solve the problem

Question 19

Customer Profile

Answer 19

o Gains  positive outcomes for your customer
o Customer jobs  things the customer is trying to do with a product of your type
o Pains  dissatisfaction with existing solutions

Question 20

MHPs

Answer 20

Migraine Headache Problems, problems pay are willing to pay for solutions to solve

Question 21

Value Proposition Statement

Answer 21

For…who need or want…is a kind of…that…because…

Question 22

Market Research

Answer 22

• Getting to know your customer
• Primary
  o Qualitative: focus groups and interviews
  o Quantitative: surveys and experiments

Question 23

Qualitative

Answer 23

Qualitative (START) – then back and forth with Quantitative
o Exploratory
o Goal: expand your understanding

Question 24

Quantitative

Answer 24

o Confirmatory
o Goal: narrow down
o Close-ended questions

Question 25

• Best Practices

Answer 25

o Semi structured approach
 Have a plan BUT be flexible
o Collect a purposeful sample of participants
 Each represent distinct potential target markets
o Get to know participants before the interview
 Build rapport, listen > talking, ask permission for documentation
o 5 WHYs  find the core problem and build empathy

Question 26

Focus Groups

Answer 26

o Pros: participates react/build off of one another = richer insights
o Cons: difficult to moderate, one person can dominate

Question 27

The buyer persona

Answer 27

o Fake person that is the ideal customer with idea behaviors, demographics
o Fits the ideal target market