MI - 3 Flashcards
What is customer co-creation?
The process of engaging a potential customer in the development of new business offerings. “What works” phase
What are the 9 recommendations for customer co-creation?
- Enroll customers who care about you (but themselves more)
- Diversity = security
- No-selling zone
- One at a time
- Small menu of choices
- Visual stimulus
- Help customers communicate visually too
- Leave time to discuss
- Timely feedback
CDZOMVVDF - Creative Dogs Zoom Over Mountains, Vaulting Very Daring Fences
What is the learning launch?
An experiment conducted in the marketplace quickly and inexpensively
What are the 6 recommendations for learning launch?
- Set tight boundaries
- Focus on key assumptions
- Build a team that is disciplined and adaptive
- Fast feedback cycles
- Make it feel real
- Have back-up plans for everything
BKTFRB - Bears keep trying for really big fish
What is MVP?
A Minimum Viable Product (MVP) is the simplest version of a product with just enough features to meet early user needs and gather feedback for improvement.
What is discovery driven planning?
Acknowledges high uncertainty and rigorously test assumptions throughout process (Startups)
What is conventional planning?
Built on predictable outcomes, relies on past data and established knowledge (Existing companies)
Why discovery driven planning?
Reasons for Discovery-Driven Planning: The authors recommend discovery-driven planning because it allows companies to systematically test and adapt assumptions in uncertain ventures, reducing risks and resource waste.
How does discovery-driven planning reduce risk and uncertainty?
Relation to Risk and Uncertainty: The article addresses risk and uncertainty by emphasizing iterative learning and milestone-based adjustments, enabling organizations to navigate unknowns with minimal upfront commitments.
Bounded rationality
Bounded Rationality: Bounded rationality refers to the concept that humans make decisions within the limitations of available information, cognitive capacity, and time constraints, often leading to decisions that are rational but not optimal.
Satisficing
Satisficing: Satisficing is the decision-making strategy of choosing an option that meets minimum acceptable criteria rather than searching for the optimal solution.
First mover advantage
First Mover Advantage: First mover advantage is the competitive edge gained by being the first to enter a market, often through brand recognition, customer loyalty, or establishing high barriers for competitors.
