MI - Week 3 Flashcards
In terms of planning and pursuing its goals, what types of strategies did Netflix use throughout the different stages of its growth and how do these strategies differ?
- Initial Stage (DVD Rental Model) - Disruptive innovation
- Growth Phase (Monthly subscription) - Sustaining innovation
- Growth Phase (Streaming Model) - Disruptive innovation
- Expansion Phase (Original Content Creation) - Sustaining innovation
- Global Expansion (International Reach)
Why did blockbuster fail?
Though Blockbuster had some motivation to innovate, particularly by improving in-store experiences and expanding DVD rental offerings, they perceived a strong disincentive from engaging in too much innovation. They feared that new innovations and improvements to their products and services could undermine their existing ones. They also had a lot of internal conflict that prevented progress.
What Is Design Thinking?
A non-linear, iterative process that teams use to understand users, challenge assumptions, redefine problems and create innovative solutions to prototype and test. Design teams use design thinking to tackle ill-defined/unknown problems (aka wicked problems)
How is design thinking different than other types of innovation processes?
It is not spontaneous, it calculated and thorough in order to optimize chances of success
What are the key phases of design thinking?
- Empathize
- Define
- Ideate
- Prototype
- Test
Empathize
Customer discovery
Define
Problem recognition
Ideate
Brainstorm
Prototype
Create solution
Test
Implement prototype
3 lenses of design thinking
- Desirability
- Viability
- Feasibilility
Desirability
Do people want it?
Viability
Can it make money?
Feasibility
Do we have the resources to do it?
