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Innovation > Innovation Final terms/concepts > Flashcards

Innovation Final terms/concepts Flashcards

1
Q

BEANS

A

Behavior enablers (tools and processes), artifacts (things you can see and touch), and nudges (tactic promoting change from indirect suggestion and reinforcement)

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2
Q

how to build a BEAN?

A

simple, fun, trackable
specify desired characteristics
identify blockers
avoid an agenda
come up with inventions

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3
Q

3 forms of experimentation

A

try new experiences, taking things apart, testing ideas

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4
Q

Delivery driven executives

A

experiences must have direct link to a learning outcome, focus on efficiently solving a problem they are addressed with

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5
Q

discovery driven executives

A

like to try new experiences even if they don’t have an obvious application

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6
Q

Market segmentation

A

demographic - age, gender, race
geographic - location, close to sea, mountains,
psychographic - motives and preferences
Behavioral - decisions and patterns
Firmographic - industry, company size, revenue
Needs based - specific needs and desires

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7
Q

Design Thinking 10 tools

A

1) visualization - create images, prototyping
2) journey mapping - customer experience (biggest mistake is to misjudge the consumers)
3) Value chain analysis - how organizations interact with chain partners
4) Mind mapping -
5) rapid chain development - 1. generate new ideas, 2 group ideas together, 3 elaborate on business design
6) Assumptions testing - test value (prices), executive test (create and deliver prices that work), scale test, defensibility (what stops others doing what you are)
7) Prototyping - saves money, narrows down ideas
8) custom co-creating - bring potential customers into the process, diverse group, interact with the product, time for discussion and feedback
9) learning launches - extension of co-creation process, creating prototypes, minimize costs of first launches
10) storytelling - bring together all ideas and information, better emphasize with customer

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8
Q

Why does design thinking work

A

superior solutions, lower cost and risk, employee by in

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9
Q

segmentation

A

group customer by similar needs and determines characteristics those grouped customers

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10
Q

targeting

A

Select a segment of people to focus on (determined by size and profitability)

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11
Q

Position

A

Identify the firm’s value proposition and start developing your plan of action

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12
Q

segmentation must be…

A

identifiable, large enough, easy ton access, stable (not changing), differentiable, and actionable

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13
Q

RFM Model

A

Recency, Frequency, and monetary

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14
Q

attributemulti- model

A

ask customers about preferences and directly related to their purchasing decision

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15
Q

conjoint analysis

A

force customers to make tradeoffs between products with different design attributes

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16
Q

Design Thinking defenition

A

human centered approach to innovation, evaluates needs and desires or users

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17
Q

Corporate entrepreneur

A

focused on building profit, attracts venture capitalists, measure performance on revenue and customer satisfaction

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18
Q

social entrepreneur

A

care about creating change and benefiting society, successes measured on their impact, attracts philanthropists, emphasis on creating social change

19
Q

Disruptive innovation

A

a process where a product, service, or business model is created to be simpler, more affordable, and more accessible to a wider audience

20
Q

Open innovation

A

a business strategy that involves using both internal and external sources to generate ideas and solutions for products and services

21
Q

disruptive innovation is made possible by…

A

low end footholds - when incumbents pay less attention to less demanding customers
new market footholds - creating a market that does not exist, turning nonconsumers into consumers
pay attention to the underserved consumers

22
Q

benefits of open innovation

A

reduced costs, don’t need to start from the beginning, construct value chinas, make research and development more sustainable

23
Q

BOM

A

bill of materials (add up costs of materials to make product/service)

24
Q

customer lifetime

A

how valuable a customer is to a company

25
Q

customer acquisition costs

A

how much does it costs to gain a new customer

26
Q

customer churn

A

percentage of customers who stop buying ex. lose 10 out of 100 (10% churn rate)

27
Q

cash flow break-even point for a customer

A

cash flow coming in = cash flow coming out

28
Q

based on product

A

company focused more on product made, then feedback from customers, ex. Apple is not heavily based on customer feedback

29
Q

consumer based

A

based on customers needs with their product, want to hear more from consumers, based on consumer feedback

30
Q

sustaining innovation

A

improving existing products

31
Q

disruptive innovation

A

company with fewer resources challenges incumbent

32
Q

strengths of larger corporations?

A
  1. financial
  2. established infustructure
  3. expirinece, established customer base
33
Q

Forces that control the market

A
  1. threat of new entrants
  2. supplier power
  3. buyer power
  4. theater of substitutes
  5. competitive rivalry
34
Q

elevator pitch

A
  1. what is the problem?
  2. how is it solved today?
  3. how are we different?
    how do we make money?
35
Q

key questions every entrepreneur must ask

A
  1. are my goals well defined
  2. do i have the right strategy
  3. can i executive my strategy
36
Q

benefits of a diverse team?

A
  1. diff perspectives
  2. larger network
  3. diverse skill sets
  4. greater aspects of investors (networking)
37
Q

every entrepreneur must be able to…

A

take risks
goal oriented
financially literarte
self motivated
leadership
resilience
not take no for a answer
resourceful

38
Q

Design thinking

A

Empathize - research
Define - state the users needs/problems
Ideate - challenge assumptions
Prototype - start to create a solution
Test - try out your solution

39
Q

How to select your market

A

segmentation - group customers together based on needs
targeting - asses attractiveness, develop a plan of action based on best value, pricing, willingness to spend
positioning - define proposition for target segmentation

40
Q

charceteristics for segmenation

A

identifiable - tell them apart
substancial - big enough
stable - stay the same
differentiable - different from other segments
actionable - can build product/sell to them

41
Q

When deciding what kind of company you are building refer to…

A

animal graph!

42
Q

entrepreneurs should…

A

take things apart, seek new experiences

43
Q

Larry Keeley

A

Design Thinking! -

44
Q

why NOT design thinking?

A

industry - such as pharmaceuticals
costs - too expensive
have a system that already works

Innovation (1 decks)

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