MART306

Question 1

(Process Principles of LPD) First principle

Answer 1

To establish customer defined value to seperate value added from waste

Question 2

(Process Principles of LPD) Second principle

Answer 2

To front load the product development process, whilst there is maximum design space

Question 3

(Process Principles of LPD) Third principle

Answer 3

To create a levelled product development process flow

Question 4

(Process Principles of LPD) Fourth principle

Answer 4

To utilise rigorous standardisation to reduce variation and create flexibility and predictable outcomes

Question 5

(Forms of standardisation in LPD) Design standardisation

Answer 5

• common, reusability, shared
• Stitch kitchen -> reusing fabrics

Question 6

(Forms of standardisation in LPD) Process standardisation

Answer 6

• design products and build foot printed manufacturing facilities
• Preva -> new technology for fruit

Question 7

(Forms of standardisation in LPD) Standardised skill sets for employees

Answer 7

• flexibility in staffing and program planning and minimises variation
• Escea -> engineers, marketers, designers

Question 8

(4 Parts of generic business model) 1. Value proposition

Answer 8

• how the value that is embedded in the product or service is offered by the firm

Question 9

(4 Parts of generic business model) 2. Supply chain

Answer 9

• how upstream relationships with suppliers is structured and managed

Question 10

(4 Parts of generic business model) 3. Customer interface

Answer 10

• how the downstream relationships with customers is structured and managed

Question 11

(4 Parts of generic business model) 4. Financial model

Answer 11

• the cost benefits and their distribution across business model stakeholders

Question 12

(Basic normative requirements for business models) stage 1

Answer 12

The value proposition provides measurable ecological or social value in concert with economic value

Question 13

(Basic normative requirements for business models) stage 2

Answer 13

The supply chain involves suppliers who take responsibility towards their own as well as the focal company’s stakeholders

Question 14

(Basic normative requirements for business models) stage 3

Answer 14

The customer interface motivates consumers to take responsibility for their consumption as well as for the focal company’s stakeholders

Question 15

(Basic normative requirements for business models) stage 4

Answer 15

The financial model reflects an appropriate distribution of economic costs and benefits and accounts for the company’s ecological and social impacts

Question 16

Bootstrapping

Answer 16

Is the practice of starting a small business with little external capital and relying on personal savings, and revenue from early sales

Question 17

Bootstrapping Pros

Answer 17

• focus on revenue generation
• provides autonomy and control

Question 18

Bootstrapping cons

Answer 18

• limited resources
• limited network and expertise

Question 19

(3 functional categories of bootstrapping) category 1

Answer 19

Increasing resources

Question 20

(3 functional categories of bootstrapping) category 2

Answer 20

Using existing resources more efficiently

Question 21

(3 functional categories of bootstrapping) category 3

Answer 21

Securing a fast payback on resources put into product innovation